The interim reports for 2026 from A-share listed brokerages have officially concluded. Against a backdrop of record-breaking market activity, with average daily turnover in Shanghai and Shenzhen approaching 2.74 trillion yuan and total half-year turnover hitting a historic 317.53 trillion yuan, the securities industry has delivered a performance for the ages. According to Wind data, the 43 listed brokerages collectively generated operating revenue of 364.71 billion yuan, a 44.8% year-on-year increase, while net profits attributable to shareholders reached 155.37 billion yuan, up nearly 50% from the same period last year.

A total of 39 brokerages posted simultaneous growth in both revenue and net profit, with numerous institutions setting new record highs for the period.

The "100 Billion Club" Expands Dramatically, with 5 Firms Surpassing the Profit Threshold

The most striking development of the first half was the rapid expansion of the net profit "100 Billion Club." In the same period last year, only CITIC Securities and GTHT had exceeded the 10-billion-yuan net profit mark. Now, that figure has jumped to five firms.

CITIC Securities leads the pack with 49.69 billion yuan in revenue and 23.34 billion yuan in net profit, the latter surging 69.6% year-on-year to set a new mid-year record. Closely trailing is GTHT, with revenue of 47.16 billion yuan and net profit of 20.26 billion yuan, up 97.56% and 28.74% respectively. Combined, these two industry giants posted revenue of 96.86 billion yuan and net profit of 43.60 billion yuan, accounting for 28.06% of the total net profit of all 43 listed brokerages. Their average daily earnings of 241 million yuan place them in a league of their own.

Huatai Securities, GF Securities, and China Merchants Securities Co.,Ltd. follow in quick succession, completing the prestigious lineup. Notably, the net profit gap between GF Securities and Huatai Securities has narrowed to less than 40 million yuan, turning the top-tier race into a hair's-breadth contest.

Rankings Undergo a Major Shake-Up: GF and CMSC Surge While Galaxy and Guosen Feel the Pressure

Amid the earnings surge, the industry's competitive pecking order has been dramatically reshuffled. CITIC Securities has reclaimed the crown for net profit from GTHT. Huatai Securities holds steady in third place, but GF Securities has climbed from fifth to fourth, with the gap between the two now under 40 million yuan—a sign of intensifying rivalry.

China Merchants Securities Co.,Ltd. stands out as the only top-ten firm to double its net profit, posting a 104.87% year-on-year increase and leaping from seventh to fifth. CICC has also surged, jumping from tenth to sixth with a net profit growth rate of approximately 90%.

But for every climber, there's a faller. China Galaxy has slipped three spots from fifth to seventh, while Guosen Securities has retreated to tenth. Against the industry's broad-based growth, Hongta Securities and Hualin Securities saw their net profits decline by over 20%, making them the few noticeable laggards.

Self-Operations Dominate Revenue, with STAR Market Follow-on Investments as a Key Driver

From a business structure perspective, proprietary trading continues to cement its position as the industry's top revenue pillar. Measured as "investment income + net changes in fair value - investment income from associates and joint ventures," the 43 listed brokerages generated a combined 168.73 billion yuan in self-operated income, up 55.19% year-on-year and representing 46.26% of total revenue.

The number of brokerages exceeding 10 billion yuan in self-operated income has grown from just one in the first half of 2025 to six, with CITIC Securities, GTHT, GF Securities, China Merchants Securities Co.,Ltd., Huatai Securities, and CICC all crossing the threshold. In terms of growth, China Merchants Securities Co.,Ltd. leads the industry with a 213.19% year-on-year surge, while GTHT, GF Securities, Caida Securities, and Changjiang Securities have also achieved triple-digit growth.

STAR Market follow-on investments have been a critical catalyst for this explosive growth in proprietary trading. Estimates from GF Securities' non-bank team indicate that the industry's floating profits from STAR Market follow-on investments reached approximately 6.6 billion yuan in the first half of 2026, already far exceeding the combined total from 2022 to 2025. Notably, these gains are concentrated among just eight brokerages. CITIC Securities leads with roughly 2.4 billion yuan in floating profits, followed by GTHT at 1.5 billion yuan, CSC Financial at 900 million yuan, and CICC at 860 million yuan.

The concentration of these profits in a few top players highlights the widening strategic divide in STAR Market positioning. China Merchants Securities Co.,Ltd., for instance, has singled out its "investment and trading business" in its interim report, posting revenue of 10.89 billion yuan—a 325.63% year-on-year increase that now accounts for 49.73% of its total revenue, making it the firm's largest income source. Its wholly-owned alternative investment subsidiary, CMB Investment, has deep exposure to three hard-tech sectors: digital intelligence, green technology, and life sciences. Benefiting from significant fair value gains on equity investments—including the ChiNext listing of Dapu Microelectronics and the STAR Market debut of Changxin Technology—the subsidiary delivered a net profit of 5.22 billion yuan in the first half, a staggering 8,370% year-on-year increase.

Yet divergence is also playing out. Twelve of the 43 brokerages saw their self-operated income decline year-on-year, accounting for nearly 30% of the total. Hualin Securities saw its self-operated income plummet 70.55% to just 66 million yuan, which it attributes to an underperforming strategy centered on low valuation, low volatility, and high dividends. Hongta Securities experienced a reduction of over 20%, while Guosheng Securities swung to a loss in this segment, citing market value fluctuations in its subsidiary's holdings.

Brokerage Fee Income Rises but Rates Fall: Head-to-Head Competition in the Big Leagues

The brokerage business generated 98.45 billion yuan in net fee income during the first half, up 55.15% year-on-year and accounting for about 27% of total revenue. However, downward pressure on commission rates persists. According to the Shanghai Securities Industry Association, the average A-share commission rate in the Shanghai region has dropped to 0.017‰, a 15.4% year-on-year decline. This client-transaction-driven channel business is facing a long-term test of its profitability model.

Competition at the top is particularly fierce. GTHT leads in brokerage net income with 9.94 billion yuan, barely edging out CITIC Securities' 9.86 billion yuan—a gap of less than 100 million yuan that epitomizes the meaning of a neck-and-neck race.

In the investment banking segment, the 43 brokerages collectively generated 19.42 billion yuan in revenue, up 25.06% year-on-year. This represents the slowest growth among major business lines and has made investment banking the smallest business segment by size.