Spot silver's intraday gain widened to 1.00%, trading at $66.40/oz.

GF Securities says securities-sector activity is improving while profitability is increasingly concentrated among top firms. Forty-two listed brokerages reported combined operating revenue of 364.0 bln yuan in H1 2026, up 44.5% YoY, and net profit attributable to shareholders of 154.7 bln yuan, up 49.3% YoY. Q2 net profit alone was 94.0 bln yuan, up 82% YoY and 55% QoQ; quarterly credit impairment jumped 662% YoY to 4.3 bln yuan. By business line in H1, investment gains (incl. fair value) +48% YoY, brokerage +54%, net interest +52%, investment banking +24%, and asset-management net income +24%. Market turnover rose while commission rates continued to fall; product scale and mix improved and buy-side advisory accelerated transformation. Brokerage revenues for the 42 firms totaled 98.4 bln yuan, +54% YoY. New public fund issuance rose 27% YoY; 15 fund houses reported combined net profit of 11.9 bln yuan, +35% YoY. Private fund filings in the first seven months reached 709.4 bln yuan, +67% YoY. Asset-management revenue for the 42 firms was 27.3 bln yuan, +24% YoY, with clear dispersion in growth rates. Investment view: sector is undervalued and underweight positions retain defensive qualities with upside; corporate earnings recovery underpins a gradual market rebound, internationalisation offers a second growth vector, and easing industry policy could provide catalysts. GF notes Q3 may see market volatility and wider broker profit dispersion; greater exposure to tech-innovation increases earnings upside potential.

The Baltic Dry Index (BDI) rose 9 points (0.25%) to 3,584 on Tuesday, driven by gains in capesize freight. The Capesize Index (BCI) climbed 27 pts (0.4%) to 6,313; capesize daily earnings increased $242 to $53,570. The Panamax Index (BPI) fell 17 pts (-0.7%) to 2,414, with panamax daily earnings down $154 to $21,724. The Supramax Index (BSI) gained 11 pts (0.7%) to 1,693, and the Handysize Index (BHSI) rose 7 pts to 913.