32.4% Concentration in the Securities Industry: An Oligopolistic Era or a Bull Market Illusion?

On September 4, the Securities Association of China released operational data for securities companies for the first half of 2026: 150 brokerages reported total operating revenue of RMB 329.81 billion and net profit of RMB 138.664 billion. Within these results, CITIC Securities and Guotai Haitong combined for a net profit of RMB 44.9 billion, accounting for 32.4% of the industry total. Based solely on this proportion, one might readily conclude that "the securities industry has entered an oligopolistic era." However, after disaggregating the statutory interim reports of these two firms and analyzing the revenue structure published by the Association, the conclusion is not so straightforward: this concentration of one-third of the industry's profits stems partly from structural shifts,

businesstimes cn18:22

H1 Data Review of 75 Securities Firms: Brokerage No Longer Dominates as Proprietary Trading Becomes a Key Revenue Source

In the first half of 2026, trading turnover in China’s A-share market reached record highs, driving a long-awaited surge in performance for securities firms. However, industry data reveals deeper structural shifts: the profit model of brokerages is undergoing fundamental change. Historically, the securities industry relied on “market-driven revenues”—benefiting from account-opening booms during bull markets, trading commissions, and IPO windfalls; when the market heated up, all players prospered. Today, the industry has entered a new phase of divergence: some firms remain heavily dependent on brokerage services, waiting for market opportunities, while others have already constructed new growth curves through proprietary trading, asset management, derivatives, and wealth management. The securities industry is experiencing a “reshuffling of the hierarchy.” I. Brokerage Business: The Former Cash Cow

businesstimes cnSep 4 15:09

HK Stock Market Watch: Chinese Brokerage Stocks Rise in Unison as H1 Earnings Surge; New Real Estate Policies to Open Up Incremental Business Opportunities for Brokers

Shares of Chinese-funded securities firms rose collectively. As of press time, GF Securities (01776) was up 4.75% at HK$19.20; CITIC Securities (06030) gained 3.58% to HK$27.74; CICC (03908) advanced 3.48% to HK$22.02; and China Merchants Securities (06099) rose 3.37% to HK$15.97.

Zhitong FinanceSep 4 10:16

As fund investment advisory services transition from pilot to regular operations, competition intensifies; revenues for multiple advisors have doubled, and five core strategic frameworks have taken shape.

1) Securities firms have completed the disclosure of their semi-annual reports, revealing fund investment advisory scale data for firms such as Orient Securities, Guolian Securities, and Minsheng Securities; 2) Investment advisory revenues at firms such as SDIC Securities, Western Securities, and China Securities have seen significant growth, marking an observation period for the performance realization of buy-side investment advisory services; 3) Five strategic pillars—branding, tiered service models, AI empowerment, portfolio-based strategies, and the integration of research, investment, and advisory—are gradually taking shape in the semi-annual reports.

cls.cnSep 3 21:43

Soochow Securities: Active Trading Drives Growth in Fee-Based Businesses; Sci-Tech Innovation Investment Fuels Strong Performance Surge

Given the favorable industry development policies and the trend toward further consolidation, the bank believes that large securities firms continue to hold significant advantages.

Zhitong FinanceSep 3 09:16

China Merchants Securities (600999): Deepening Engagement in Fintech Yields Results; Alternative Investments Make Significant Contribution to Performance

Overview of the 2026 Interim Report: China Merchants Securities reported operating revenue of RMB 21.902 billion in the first half of 2026, a year-on-year increase of 108.19%; net profit attributable to parent company shareholders amounted to RMB 10.624 billion, a year-on-year increase of 104.87%; base

Central China SecuritiesSep 3 00:00