KPMG’s 2026 China securities industry survey says 150 securities firms reported
aggregate operating revenue of RMB329.8bln in 1H26, up ~31% YoY, and net profit
of RMB138.7bln, up 23% YoY. Proprietary trading remained the largest revenue
source; brokerage, investment banking, asset management and credit/margin
businesses all grew. The report says Chinese brokers’ globalization—using Hong
Kong as a hub and extending into Southeast Asia—is entering an execution phase
and offshore revenue share is rising. Foreign brokers continue to enter China
via wholly owned setups, with a cooperative competitive dynamic forming between
domestic and foreign institutions.
