What happened
All 43 A-share listed brokers have now published their 2026 semi-annual reports, revealing a combined revenue of 364.71 billion yuan, up 45.87% year-on-year, and combined net profit attributable to shareholders of 155.37 billion yuan, up 49.01%.
Five brokers — CITIC Securities, Guotai Haitong, Huatai Securities, GF Securities and China Merchants Securities — each earned over 10 billion yuan in net profit, compared with just two a year earlier. In total, 40 of the 43 firms posted growth in both revenue and net profit.
CITIC Securities retained its leadership, with revenue of 49.692 billion yuan (up 50%) and net profit of 23.343 billion yuan (up 69.6%), a record for the period. Its international arm generated $2.32 billion in revenue and $830 million in net profit, both up sharply and historically high.
Why it matters
The strong results show how a buoyant capital market is directly boosting brokerage earnings across trading, wealth management and investment banking. With three main growth engines — tech investment, international business and large-wealth management — driving performance, the sector is showing broad-based improvement rather than a single-factor rally.
Analysts cited in the report believe the industry's profit recovery can continue, with a projected 14% growth for the full year and ROE potentially reaching the 80th percentile of the last decade. Meanwhile, the sector's valuation sits below the 10th percentile, suggesting a possible disconnect between improving fundamentals and market pricing.
Key facts
43 A-share listed brokers' combined H1 revenue was 364.71 billion yuan, up 45.87% year-on-year.
Combined H1 net profit attributable to parent was 155.37 billion yuan, up 49.01% year-on-year.
Five brokers each posted net profit above 10 billion yuan in H1 2026, versus two in H1 2025.
CITIC Securities' H1 net profit rose 69.6% to 23.343 billion yuan, a record for the period.
CITIC Securities International reported $2.32 billion in revenue (up 56%) and $830 million in net profit (up 114%) under HKFRS.
Tianfeng Securities led net profit growth with a 549.03% year-on-year increase.
What to watch next
Will the robust market activity continue to support brokerage earnings in the second half of 2026? Analysts expect the industry to achieve around 14% profit growth for the full year, driven by a recovering IPO market, expanding derivatives business and active trading.
The gap between low valuations and improving fundamentals could attract investor attention, especially if ROE moves toward the historical 80th percentile as projected.
International business expansion and capital increases announced by three leading brokers are likely to be a continued focus, as overseas operations become a meaningful profit contributor.