China Securities Association data show 150 brokerages posted CNY329.81 bln in
revenue and CNY138.66 bln in net profit in 1H 2026. CITIC Securities and Guotai
Haitong together generated CNY96.9 bln of revenue (29.38% of the industry) and
CNY44.9 bln of net profit (32.4%). The top 10 firms accounted for 75.23% of
industry revenue, 83.37% of net profit and 74% of assets. Guosen Securities says
brokerage earnings are likely to remain highly buoyant, driven by structural
optimization of proprietary investment and business-model transformation.