Northeast Securities Co Ltd

Northeast Securities released its first-half 2026 report, with net profit attributable to the parent company of 764 million yuan, an increase of 334 million yuan from the same period last year, up 77.49% year on year. The company's total operating revenue was 2.647 billion yuan, up 29.38% year on year, achieving growth for two consecutive years. Net cash inflow from operating activities was 6.535 billion yuan, an increase of 7.373 billion yuan from the same period last year. The company's latest asset-liability ratio was 83.86%, latest return on equity was 3.74%, and diluted earnings per share was 0.33 yuan.

Northeast Securities Co., Ltd. announced that it recently received a reply letter from the China Securities Regulatory Commission, allowing its proprietary trading business to participate in carbon emission rights trading on domestic legal trading venues. The reply letter, numbered Institutional Department Letter [2026] No. 1078, requires the company to conduct business in a compliant and prudent manner, with the goals of serving the real economy, reducing society-wide emission reduction costs, and promoting the transition to a green, low-carbon economy. Northeast Securities stated that it will incorporate the relevant business into its comprehensive risk management system and establish sound internal controls and risk management mechanisms.

The first-half 2026 earnings preview for Shenzhen-listed non-bank financial companies shows that over 80% of firms posted earnings growth exceeding 50%, with the industry's overall profitability improving significantly. GF Securities expects net profit attributable to shareholders of 11 billion to 12 billion yuan, up 70% to 85% year-on-year. Changjiang Securities expects net profit of 3.126 billion to 3.3 billion yuan, up 80% to 90%, hitting a new record high. Yuexiu Capital expects net profit of 2.727 billion to 3.039 billion yuan, up 75% to 95%. Northeast Securities achieved net profit of 764 million yuan, up 77.49%. Huaxi Securities expects net profit growth of 65.96% to 105.01%. Companies are making all-out efforts across core businesses such as wealth management, investment trading, and asset management, demonstrating strong growth resilience and development vitality.

As of July 15, 73 securities firms have issued a combined total of more than 1.35 trillion yuan in onshore bonds since the start of 2026, a year-on-year increase of over 96%. Recently, a number of listed brokers including China Merchants Securities, GF Securities, Guolian Minsheng, Soochow Securities, and Zhongtai Securities have received intensive approvals from the China Securities Regulatory Commission to issue large corporate bonds, while Shenwan Hongyuan obtained registration approval for perpetual subordinated bonds in July. In a low interest rate environment, enthusiasm for broker bond subscriptions is running high. Taking China Galaxy Securities as an example, the first tranche of its fifth corporate bond issue carried a coupon rate of 1.60% with a subscription multiple of 3.8722 times, while the second tranche had a coupon rate of 1.67% and a subscription multiple of 3.165 times. At the same time, the credit ratings of bonds issued by several brokers, including Northeast Securities, Great Wall Securities, Huaan Securities, and Zheshang Securities, have been upgraded from AA+ to AAA. Fitch also raised the long-term issuer default ratings of CICC and CICC International from BBB+ to A-. Analysts point out that this surge in bond issuance is not only about capital replenishment, but also serves as strategic capital support amid a wave of mergers and acquisitions. Leading institutions are using bond financing to pre-position M&A capital in advance, forming a chain of integration, bond issuance, and further expansion, while small and medium-sized brokers face increasing pressure from financing difficulties.