According to Wind data, average daily stock trading volume in the capital market reached 2.58 trillion yuan in the first quarter of 2026, increasing by 30.8% compared to the previous quarter and surging 69.7% year-on-year. This figure is significantly higher than the 2025 average daily level of 1.73 trillion yuan. The highly active market trading is expected to continuously boost brokerage business revenue, stabilizing the foundation for industry profit growth.
Among 25 listed securities firms that have disclosed their financial results, operating revenue and net profit attributable to shareholders grew by 31.03% and 45.54% year-on-year, respectively, indicating significantly higher profit elasticity compared to revenue growth. Brokerage and proprietary trading businesses served as the core drivers of performance growth, with all major business segments showing expansion. The industry's leading structure remained stable, while small and medium-sized brokerages demonstrated stronger earnings flexibility.
CSC Financial pointed out that trading activity in the A-share market improved substantially in 2025, with the securities industry's operating environment continuing to improve, leading to high profit growth. Policy support is driving the industry into a new phase of high-quality development. Current sector valuations are at historically low levels, potentially creating further upside room.
CITIC Securities stated in a research report that high market trading activity and regulatory easing in investment banking and derivatives businesses are the core themes for the securities industry's performance improvement this year. Currently, the price-to-book (PB) and price-to-earnings (PE) ratios of the brokerage sector are below the 20th percentile of the past decade, offering a high margin of safety for investment. Continued activity in fundamentals, policy support, and thematic catalysts are expected to become key drivers for valuation recovery.
It is recommended to focus on companies with high earnings certainty and long-term improvements in industry competition. Through synergies from mergers and acquisitions and enhanced capital utilization efficiency from leverage expansion, large and mid-sized institutions in the industry are expected to continuously improve shareholder returns and increase market share. Leading securities companies and medium-sized brokerages are recommended.
Related Hong Kong-listed Chinese brokerage stocks include: Huatai Securities (06886), GF Securities (01776), China Galaxy (06881), Guotai Haitong (02611), China International Capital Corporation (03908), CITIC Securities (06030), CSC Financial (06066), Oriental Securities (03958), Everbright Securities (06178), Shenwan Hongyuan (06806), CC SECURITIES (01375), and GLMS SEC (01456).