The mid-year reports for 2026 from 43 listed brokerage firms have now been fully released. According to statistics, these 43 brokers collectively achieved a total operating revenue of 364.71 billion yuan and a net profit attributable to shareholders of 155.37 billion yuan in the first half of the year, marking year-on-year increases of 45.87% and 49.01%, respectively.

A total of 10 brokers surpassed the 100-billion-yuan revenue mark during this period, matching the count from the same period last year, but the internal rankings have undergone significant reorganization. Furthermore, 5 brokers achieved a net profit exceeding 10 billion yuan, which is 3 more than the same period in 2025. Overall, all 43 firms remained profitable, with 40 of them achieving growth in both revenue and net profit.

Breaking down the business segments, the proprietary trading income for these 43 brokers reached 168.733 billion yuan, a year-on-year increase of nearly 50%, accounting for 46% of total revenue. The brokerage business followed closely, generating 98.448 billion yuan in revenue, up nearly 54% year-on-year, representing about 27% of the total. Together, these two core businesses contributed 73% of the combined revenue. Additionally, the credit, asset management, and investment banking divisions generated 30.338 billion yuan, 27.473 billion yuan, and 19.422 billion yuan respectively, growing by approximately 53%, 24%, and 25% year-on-year.

Revenue Rankings: 9 Firms See Growth Exceeding 50%

In the first half of 2026, 10 of the 43 listed brokers reported revenues above 100 billion yuan. Leading the pack were CITIC Securities and Guotai Haitong, with revenues of 49.692 billion yuan and 47.163 billion yuan, respectively. They were followed by GF Securities, Huatai Securities, and China Merchants Securities, each surpassing the 20 billion yuan threshold. Compared to their mid-2025 reports, the composition of the "100 billion club" remained unchanged, but the pecking order experienced a major reshuffle. While CITIC Securities, Guotai Haitong, and CICC held onto their first, second, and sixth positions, the remaining seven firms saw their spots shift. Notable movers include China Merchants Securities, which climbed from tenth to fifth, while China Galaxy Securities dropped from fifth to seventh, and Guosen Securities slipped from eighth to tenth. In terms of growth, 9 firms saw revenue increase by more than 50% year-on-year, with China Merchants Securities leading the pack with a surge of 108.19%. Conversely, only 2 firms experienced a decline in revenue, including Great Wall Securities and Hongta Securities, which saw decreases of 0.53% and 14%, respectively.

Profitability Analysis: The 10-Billion-Yuan Net Profit Club Expands

During the review period, five brokers managed to secure a net profit surpassing 10 billion yuan: CITIC Securities, Guotai Haitong, Huatai Securities, GF Securities, and China Merchants Securities. This represents an addition of three firms compared to the first half of 2025. It is particularly noteworthy that both CITIC Securities and Guotai Haitong pushed their net profits beyond the 20 billion yuan mark. Other players like CICC, China Galaxy Securities, CSC Financial, Guosen Securities, and Shenwan Hongyuan all posted net profits exceeding 5 billion yuan. On the growth front, 5 firms saw their net profits more than double, with Tianfeng Securities recording the fastest growth at 549.03% year-on-year. Zhongtai Securities, China Merchants Securities, Caidia Securities, and Hua'an Securities also achieved doubled profits. Meanwhile, Linfin Securities and Hongta Securities bucked the trend with profit declines of 23.32% and 23.93%, respectively.

Proprietary Trading: Six Firms Exceed 10 Billion in Income

In the proprietary trading segment for the first half of 2026, six brokers generated over 10 billion yuan in income, including CITIC Securities, Guotai Haitong, GF Securities, China Merchants Securities, Huatai Securities, and CICC. Of these, the top two again broke the 20 billion yuan barrier, a feat only achieved by CITIC Securities in the prior year period. CSC Financial, China Galaxy Securities, and Shenwan Hongyuan also recorded proprietary trading incomes above 5 billion yuan. Regarding growth, five firms, including China Merchants Securities, Guotai Haitong, GF Securities, Caidia Securities, and Changjiang Securities, saw their income double year-on-year. China Merchants Securities again led with a growth rate of 213.19%. Additionally, nine others, such as Hua'an Securities, Zhongtai Securities, and Huatai Securities, achieved growth exceeding 50%. On the flip side, Guosheng Securities reported a loss in this segment, and Linfin Securities saw its income plunge by more than 70%.

Brokerage Business: A Wider Field of Leaders Emerges

For the brokerage business fee income, 8 brokers surpassed the 5 billion yuan mark in the first half of the year, a significant jump from just 2 firms (CITIC Securities and Guotai Haitong) in the same period last year. The competition at the top intensified, with Guotai Haitong and CITIC Securities narrowing the gap, posting incomes of 9.942 billion yuan and 9.856 billion yuan, respectively. The other six firms in this bracket were GF Securities, Huatai Securities, Guosen Securities, China Galaxy Securities, China Merchants Securities, and CSC Financial. Fueled by active trading in the A-share market, all 43 brokers reported growth in this segment, with the lowest increase being over 25% and the highest exceeding 80%. A closer look reveals that 19 firms grew by more than 50%, with Western Securities, Guotai Haitong, First Capital, Industrial Securities, and GF Securities ranking among the top five for growth.

Investment Banking: Performance Diverges Significantly

In investment banking, 5 brokers earned over 1 billion yuan in fee income, the same number as the previous year, with CITIC Securities breaking the 3 billion yuan mark. This group included CITIC Securities, CICC, Guotai Haitong, Huatai Securities, and CSC Financial. Notably, some smaller firms are making strides against the larger players, with Sinolink Securities, Orient Securities, and Soochow Securities ranking sixth, ninth, and tenth, respectively. Growth in this sector shows a stark divide, with nearly half of the 43 firms reporting increases and the other half seeing declines. Among the gainers, Linfin Securities and Central China Securities saw their incomes surge by over 200%, though from a small base. Eight other firms, including CICC, Northeast Securities, and Sinolink Securities, posted growth exceeding 50%. On the other end of the spectrum, Hua'an Securities, Hongta Securities, and Sealand Securities experienced the most significant declines, each falling by roughly 70%.

Asset Management: Small and Mid-Sized Firms Carve Out Niches

In the asset management sector, five brokers achieved fee incomes exceeding 1 billion yuan, maintaining the same count as the previous year. These were CITIC Securities, GF Securities, Guotai Haitong, Industrial Securities, and Zhongtai Securities, with CITIC Securities surpassing the 7 billion yuan mark. Several small and mid-sized brokers are successfully developing unique strengths to compete with the industry giants. Besides the aforementioned Industrial Securities and Zhongtai Securities, firms like Orient Securities, Caitong Securities, and First Capital also generated over 500 million yuan in this business line. On the growth side, 32 brokers reported positive year-on-year growth, with Guosheng Securities, Southwest Securities, and Sinolink Securities doubling their income. Western Securities and Sealand Securities also achieved growth of more than 50%. In contrast, Central China Securities posted a decline of over 96%.

Credit Business: The 10 Billion Yuan Club Expands

In the credit business, 10 of the 43 brokers reported net interest income exceeding 1 billion yuan, an increase of four compared to the same period last year. The newcomers to this bracket are CITIC Securities, China Merchants Securities, Guosen Securities, and Founder Securities. Conversely, Tianfeng Securities and Shougang Securities reported losses in their credit business. Growth in this area was also robust, with seven firms, including CITIC Securities, Goolink Securities, Shenwan Hongyuan, Caidia Securities, Hua'an Securities, Great Wall Securities, and China Merchants Securities, seeing their interest income double. CITIC Securities led all brokers with an extraordinary 687.74% growth in net interest income, which the company attributes to increased interest income from margin financing and securities lending, along with reduced interest expenses on repurchase agreements. Additionally, both CICC and Western Securities successfully turned their credit business profitable, reversing previous losses.