What happened
China's 43 listed brokers reported combined revenue of 364.71 billion yuan for the first half of 2026, up 44.8% year on year, and attributable net profit of 155.64 billion yuan, a gain of nearly 50%, according to Securities Times. The rebound came as both the primary and secondary markets warmed.
Proprietary trading was the largest income source, generating more than 168.7 billion yuan, up over 55% and far ahead of other business lines. Brokerage commission income climbed 55.15% to 98.448 billion yuan, asset management fee income rose 29.62% to 27.473 billion yuan, and investment banking slowly recovered with a 25.06% gain to 19.422 billion yuan.
The net-profit leaderboard was reshuffled. CITIC Securities reclaimed the top spot, Guotai Haitong fell to No.2, GF Securities rose to No.4, and China Merchants Securities—the only top-10 broker to double its net profit—moved from 7th to 5th. CICC climbed from 10th to 6th with nearly 90% growth, while China Galaxy, CSC, Shenwan Hongyuan and Guosen Securities also shifted places.
Why it matters
With proprietary trading contributing the largest share of revenue, brokers' earnings are becoming more sensitive to market turbulence. The divergent results of China Merchants Securities, which gained from AI and semiconductor positions, and Hualin Securities, whose low-volatility, high-dividend strategy struggled in a sharply split market, highlight how much investment style matters.
The reshuffling of the top 10 shows that scale alone does not guarantee ranking stability. Competition among large brokers is intense, with Huatai and GF separated by less than 40 million yuan in net profit, suggesting leadership can change quickly depending on market conditions.
Key facts
43 listed brokers posted combined revenue of 364.71 billion yuan in H1 2026, up 44.8% year on year.
Their attributable net profit reached 155.64 billion yuan, up nearly 50%.
Proprietary income totaling over 168.7 billion yuan, up more than 55%, was the brokers' largest revenue source.
CITIC Securities regained the No.1 spot in net profit, while Guotai Haitong slipped to No.2.
China Merchants Securities was the only top-10 broker to double net profit, rising from 7th to 5th.
Two brokers, Hongta Securities and Hualin Securities, saw net profit decline by over 23%.
What to watch next
Overseas market volatility has increased, and whether brokers can seize structural opportunities in choppy markets will test their investment and asset-allocation capabilities.
Investment banking remains the smallest major business line despite a warming primary market, so the pace of its repair will be a key metric to follow.
The sharp divergence in market styles may continue to separate broker winners from losers, as strategies that performed well in one environment may underperform in another.