CITIC Securities Leads 42 A-Share Listed Brokers' H1 Results; Top 10 Revenue Totals RMB 248.07 Billion

In the first half of 2026, as primary and secondary markets recovered, listed brokers achieved rapid overall growth. According to statistics, 43 listed brokers generated combined operating revenue of RMB 364.71 billion, up 44.8% year on year; net profit attributable to shareholders exceeded RMB 150 billion, reaching RMB 155.64 billion, up nearly 50% year on year. Proprietary trading became the largest revenue source for listed brokers, with combined income exceeding RMB 160 billion, up over 55% year on year. Leading brokers further improved profitability, and competition for top-ten rankings was intense. Overseas market volatility intensified in the first half, testing brokers' investment and asset allocation capabilities amid turbulent conditions; some brokers achieved standout results by capturing structural opportunities in the technology sector.

In terms of revenue scale, leading brokers demonstrated strong earning power. CITIC Securities and Guotai Haitong each posted revenue exceeding RMB 40 billion, a level no broker reached in the same period of 2025. The number of brokers with revenue above RMB 20 billion expanded from two in the same period of 2025 to five. In net profit attributable to shareholders, CITIC Securities and Guotai Haitong both exceeded RMB 20 billion in the first half, while Huatai Securities, GF Securities, and China Merchants Securities each surpassed the RMB 10 billion threshold. A total of ten listed brokers achieved revenue above RMB 10 billion, of which five had net profit attributable to shareholders exceeding RMB 10 billion. In the first half of 2025, only two brokers had net profit above RMB 10 billion.

Ranking changes were a notable feature of first-half results. CITIC Securities regained the top spot in net profit attributable to shareholders, while Guotai Haitong fell to second. Huatai Securities held third place, but GF Securities rose from fifth to fourth, with its net profit gap to Huatai Securities narrowing to less than RMB 40 million. China Merchants Securities was the only broker among the top ten to double its net profit attributable to shareholders, climbing from seventh to fifth; CICC rose from tenth to sixth, with net profit attributable to shareholders up nearly 90% year on year. China Galaxy fell three places to seventh, CSC Financial rose one place to eighth, Shenwan Hongyuan slipped one place to ninth, and Guosen Securities dropped to tenth. In revenue rankings, China Merchants Securities jumped from tenth in the same period of 2025 to fifth, GF Securities overtook Huatai Securities to enter the top three, CSC Financial rose from ninth to eighth, while Huatai Securities, China Galaxy, Shenwan Hongyuan, and Guosen Securities all saw varying degrees of decline in their rankings.

In terms of earnings growth, apart from China Merchants Securities, four other brokers doubled their net profit attributable to shareholders. Tianfeng Securities surged over fivefold year on year, Zhongtai Securities grew 146.38%, Caida Securities rose 104.59%, and Huaan Securities increased 102.55%. Despite the industry's broad high growth, two brokers still saw net profit attributable to shareholders decline year on year: Hongta Securities and Hualin Securities both fell over 23%.

In proprietary trading, calculated as investment income plus net changes in fair value minus net investment income from associates and joint ventures, 43 listed brokers generated combined proprietary trading income of over RMB 168.7 billion, up over 55% year on year. Six brokers saw proprietary trading income exceed RMB 10 billion. China Merchants Securities posted proprietary trading income of RMB 12.91 billion, up 213.19% year on year, the fastest growth in the industry; its directional equity business outperformed the CSI 300 Index in the first half, actively positioning in technology innovation and domestic substitution tracks such as artificial intelligence and semiconductors. Guotai Haitong, GF Securities, Caida Securities, and Changjiang Securities all saw proprietary trading income grow over 100% year on year. Twelve brokers saw proprietary trading income decline year on year, with Hualin Securities down 70.55% to RMB 66 million; the company attributed the decline to its investment strategy focused on low valuation, low volatility, and high dividends, which faced pressure in equity investment performance due to significant market style divergence in the first half. Hongta Securities saw proprietary trading income fall over 20% year on year, while Guosheng Securities' proprietary trading business turned from profit to loss, mainly due to fluctuations in the market value of shares held by its subsidiaries.

In brokerage business, 43 listed brokers generated combined brokerage fee income of RMB 98.45 billion, up 55.15% year on year. Guotai Haitong and CITIC Securities each exceeded RMB 9.8 billion in brokerage fee income, showing a clear lead. Leading brokers including Guotai Haitong, CITIC Securities, GF Securities, Huatai Securities, and Guosen Securities ranked in the top five by revenue scale, all with year-on-year growth exceeding 60%.

Investment banking remained in a slow recovery phase. Although the primary market warmed in the first half, 43 listed brokers generated combined investment banking income of only RMB 19.42 billion, up 25.06% year on year, making it the smallest segment among brokers' major business lines. Only five brokers had net investment banking fee income exceeding RMB 1 billion, totaling RMB 10.83 billion. As many as 21 brokers saw net investment banking fee income decline year on year, accounting for nearly 50%; Huaan Securities and Hongta Securities both fell over 70%, while Sealand Securities declined 68% year on year.

Asset management business achieved steady growth. 43 listed brokers generated combined net asset management fee income of RMB 27.47 billion, up 29.62% year on year. CITIC Securities led with RMB 7.18 billion, GF Securities ranked second with RMB 4.84 billion, and Guotai Haitong ranked third with RMB 3.71 billion. Industrial Securities and Zhongtai Securities both saw net asset management fee income exceed RMB 1 billion. Southwest Securities and Sinolink Securities both more than doubled their net asset management fee income. Eleven brokers saw asset management income decline year on year; Central China Securities' net asset management fee income was only RMB 1 million, down 96.30% year on year, which the company attributed mainly to a decrease in net fee income from collective asset management business. China Galaxy Securities and Founder Securities both saw net asset management fee income decline over 30% year on year.