CITIC Securities Outpaces GTJA Haitong in H1 2026 Profit; GTJA Leads in Assets and Clients

In the first half of 2026, CITIC Securities generated operating revenue of RMB 49.692 billion, while GTJA Haitong recorded RMB 47.163 billion, a difference of 5.36%. In net profit attributable to shareholders, CITIC Securities reached RMB 23.343 billion versus GTJA Haitong's RMB 20.260 billion, with the former ahead by 15.22%. On non-recurring-adjusted net profit, CITIC Securities posted RMB 23.610 billion and GTJA Haitong RMB 19.510 billion, widening the lead to 21.01%. Weighted average return on equity (ROE) was 7.81% for CITIC Securities and 6.12% for GTJA Haitong, a gap of 1.69 percentage points.

As of the end of June 2026, GTJA Haitong's total assets reached RMB 2.5 trillion, 1.31% higher than CITIC Securities' RMB 2.47 trillion. Net assets attributable to shareholders stood at RMB 373.024 billion for GTJA Haitong and RMB 351.036 billion for CITIC Securities, a 6.26% advantage for the former. The two brokers showed GTJA Haitong slightly overtaking CITIC in asset scale.

In brokerage, CITIC Securities reported net income of RMB 9.856 billion for the first half, while GTJA Haitong recorded RMB 9.942 billion, a narrow 0.87% gap. GTJA Haitong's domestic client base reached 40.89 million accounts, 2.27 times CITIC Securities' over 18 million. GTJA Haitong's Junhong and Tongcai apps averaged 16.73 million monthly active users, with a 9.15% market share in stock and fund trading. CITIC Securities held over RMB 17 trillion in custodied client assets, with financial product holdings surpassing the trillion-yuan level. CITIC Securities provided custody services for 14,900 products and fund outsourcing services for 14,300 products; GTJA Haitong's custody and fund services business reached RMB 5.45 trillion, up 20.8% from the end of 2025.

In margin financing and securities lending, GTJA Haitong's balance was RMB 296.111 billion versus RMB 108.614 billion for CITIC Securities, making the former 1.73 times the latter. CITIC Securities held a 3.6% market share in margin financing and securities lending.

Asset management showed a significant gap. CITIC Securities' net income from the business was RMB 7.182 billion in the first half, nearly double GTJA Haitong's RMB 3.71 billion. CITIC Securities' total asset management scale reached RMB 1.98 trillion, with a 14.37% market share in private asset management. China Asset Management (ChinaAMC), its subsidiary, managed RMB 2.91 trillion in assets, including RMB 2.12 trillion in public funds. ChinaAMC's first-half operating revenue was RMB 5.708 billion, up 34.05% year on year, and net profit was RMB 1.413 billion, up 25.82%. GTJA Haitong's asset management arm managed RMB 889.9 billion, while its affiliates Huaan Fund, HFT Fund, and Fullgoal Fund managed RMB 915.7 billion, RMB 661.9 billion, and RMB 2.2 trillion respectively, totaling RMB 3.78 trillion. GTJA Haitong's asset management unit posted net profit of RMB 333 million, Huaan Fund RMB 565 million, HFT Fund RMB 209 million, GTJA Haitong Kaiyuan RMB 799 million, and Fullgoal Fund RMB 1.143 billion.

In investment banking, net income was RMB 3.023 billion for CITIC Securities and RMB 2.224 billion for GTJA Haitong, a 35.89% advantage for the former. Since the start of 2026, GTJA Haitong sponsored 16 listed companies, while CITIC Securities sponsored 10. CITIC Securities raised RMB 35.218 billion in total proceeds, versus RMB 17.043 billion for GTJA Haitong. Underwriting fees were RMB 1.016 billion for GTJA Haitong and RMB 911 million for CITIC Securities. CITIC Securities completed 40 A-share lead underwriting mandates with RMB 146.754 billion in underwriting scale, a 30.56% market share, and 44 offshore equity mandates with USD 4.218 billion in underwriting scale. GTJA Haitong added 23 new refinancing project filings, issued RMB 14.3 billion in public REITs, and completed 13 Hong Kong placement projects.

Proprietary trading income was RMB 26.927 billion for CITIC Securities and RMB 23.851 billion for GTJA Haitong, with the former 12.9% higher. CITIC Securities' investment income was RMB 14.223 billion, down 31.94% year on year, while fair value gains were RMB 13.17 billion. GTJA Haitong recorded an investment loss of RMB 1.135 billion and fair value gains of RMB 26.980 billion.

In international business, CITIC Securities' overseas operations generated USD 2.32 billion in first-half revenue, up 56% year on year, and net profit of USD 830 million, up 114%. GTJA Haitong's financial holding arm posted first-half net profit of HKD 1.761 billion, while Haitong International's net loss narrowed from HKD 1.7 billion to HKD 560 million.