Data released by the Securities Association of China on September 6 shows that during the first half of 2026, the country's 150 brokerages generated total revenue of 329.81 billion yuan and net profits of 138.66 billion yuan. In terms of market concentration, Citic Securities Company Limited and Guotai Haitong Securities Co., Ltd. together posted combined revenue of 96.9 billion yuan, accounting for 29.38% of the entire industry, while their combined net profit reached 44.9 billion yuan, representing a 32.4% share.

This means the profit share of the top two firms exceeds their revenue share by 3.02 percentage points. Among the top ten brokerages, the leaders in revenue collectively accounted for 75.23% of total industry revenue, while the top ten by net profit held an 83.37% share, and those ranked by asset size claimed 74% of the industry's total. The net profit share of the top ten outpaced their revenue share by 8.14 percentage points, indicating that profit concentration is notably higher than revenue concentration.

Looking at the broader industry landscape, both the top two firms and the top ten brokerages hold dominant shares across revenue, net profit, and asset scale. The trend of income and profits gravitating toward a small number of leading institutions is evident, with mid-tier players collectively controlling less than 30% of the market share.

Looking ahead, Guosen Securities believes the brokerage sector is likely to sustain its strong performance trajectory, driven primarily by structural improvements and business model transformation in proprietary trading operations. This assessment represents a sell-side institution's view, and whether it materializes will depend on changes in the market environment during the second half of the year. The industry revenue, net profit, and concentration data cited above all originate from the Securities Association of China's semi-annual statistics.