China Securities Co Ltd

CITIC Securities released its 2026 interim report, with first-half revenue reaching 49.692 billion yuan, up 50 percent year on year, and net profit attributable to the parent company of 23.343 billion yuan, up 69.6 percent, temporarily ranking first among brokerages that have disclosed results. Guotai Haitong and CSC Financial ranked second and third, with all three brokerages posting first-half revenue above 10 billion yuan. A total of nine listed brokerages or their parent companies have disclosed interim express reports, and another two have disclosed performance flash reports. Except for Jinlong Shares, all other brokerages that have disclosed results saw both first-half revenue and net profit rise, with net profit attributable to the parent company generally increasing by more than 20 percent. CICC analyst Wang Siyue forecasts that in the first half of this year, 42 listed brokerages will achieve combined net profit attributable to the parent company of 142.5 billion yuan, up 50 percent year on year.

CSC Financial has released its 2026 interim report, with net profit attributable to the parent company at 7.639 billion yuan, an increase of 3.131 billion yuan from the same period last year, up 69.44% year on year. Total operating revenue was 16.229 billion yuan, up 5.489 billion yuan from a year earlier, a rise of 51.11%, marking a second consecutive year of growth. Net cash inflow from operating activities was 60.831 billion yuan, up 1.17% year on year. The company's latest asset-liability ratio was 85.38%, return on equity was 6.08%, and diluted earnings per share was 0.92 yuan.

CICC announced on August 18 that it plans to distribute a cash dividend of 2.9 yuan per 10 shares, before tax, to all shareholders. The total payout is expected to be 2.249 billion yuan, accounting for 31.67% of net profit attributable to the parent company in the first half of 2026.

On the evening of August 18, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important announcements. Shenzhen Sunxing's wholly-owned subsidiary plans to invest in a high-end aluminum-based new materials project, with a planned capacity of 100,000 tons of high-end aluminum-based new materials and a first-phase investment of 400 million yuan to build an annual production line of 20,000 tons for demonstration. Luopu Skin plans to acquire a 51% stake in Mengying Technology to enter the equipment manufacturing sector. Jintian Copper is planning to spin off its controlling subsidiary Ketian Magnetics for listing. Yabang Chemical plans to publicly list and transfer 100% equity and creditor's rights of Daobo Chemical. In terms of performance, GigaDevice's net profit in the first half of the year was 6.857 billion yuan, up 1091.5% year-on-year; Puya Semiconductor's net profit attributable to the parent was 827 million yuan, up 1929.65%; Bluetrum's net profit was 480 million yuan, up 265.77%; Zhuzhou Smelter Group's net profit was 1.948 billion yuan, up 232.75%; Shandong Fiberglass's net profit was 29.2277 million yuan, up 234.89%; Yunhan Core City's net profit grew 207.69% year-on-year; Tunan Co., Ltd.'s net profit grew 167.92%; Tianshan Aluminum's net profit was 4.177 billion yuan, up 100.44%; China Securities's net profit was 7.639 billion yuan, up 69.44%; Haohua Energy's net profit grew 66.14%; Xingtong Co., Ltd.'s net profit grew 57.11%; Hengda New Materials' net profit grew 57.29%; Tianfu Communication's net profit grew 33.92%; Railway Track's net profit grew 32.38%; Guotai Haitong's net profit grew 28.74%; Huiquan Beer's net profit grew 23.26%; Jintian Copper's net profit grew 18.44%; Tibet Summit's net profit grew 18.03%; Focus Media's net profit grew 17.39%; Tebao Bio's net profit grew 11.37%; Jiangsu Financial Leasing's net profit grew 9.27%; Bank of Nanjing's net profit attributable to the parent was 13.65 billion yuan, up 8.17%; Rewei Co., Ltd.'s net profit grew 1.76%. China Unicom's net profit was 4.139 billion yuan, down 34.8% year-on-year; Huaneng Power International's net profit was 6.586 billion yuan, down 28.89%; Fuyao Glass's net profit was 3.97 billion yuan, down 17.37%; Shangtai Technology's net profit was 400 million yuan, down 16.6%; Shede Spirits' net profit was 145 million yuan, down 67.26%; Leyard's net profit was 69.1521 million yuan, down 59.74%; Zhongnan Culture's net profit was 30.587 million yuan, down 49.85%; Sunong Agricultural Development's net profit fell 32.48% year-on-year; H&T's net profit was 240 million yuan, down 32.23%; Guoguang Co., Ltd.'s net profit fell 20.39%; Jiahua Co., Ltd.'s net profit fell 9.03%; Tubao's net profit fell 7.67%; Hangmin Co., Ltd.'s net profit was 300 million yuan, down 4.59%. In terms of shareholding changes, Kangmeite shareholder Suzhou Yixing Tianxia plans to reduce its stake by no more than 1%; Jieya Co., Ltd.'s Mingyuan Fund and its concert parties plan to reduce their combined stake by no more than 4.99%; Espressif Systems' actual controller proposed a share buyback of 100 million to 200 million yuan; Huiyun Titanium obtained special financing support of no more than 22 million yuan for share repurchase. In terms of major contracts, Yakang Co., Ltd.'s subsidiary signed a computing power service procurement contract worth 868 million yuan; Hanhe Cable won a bid of about 717 million yuan for a China Southern Power Grid project; Beijing Creative Distribution Automation won a bid of about 304 million yuan for a China Southern Power Grid project; Dongwei Technology signed a sales contract worth 163 million yuan; PowerChina's newly signed contract value in the first seven months was 640.456 billion yuan, down 13% year-on-year.

CSC Financial has created the position of global chief economist for the first time, and He Haifeng officially took up the role on August 10. He previously served as chief economist at Guotai Junan Securities. After joining CSC Financial, he will be responsible for global macro and strategic research, interpreting monetary policy in major economies, clarifying the logic of industrial relocation amid global supply chain restructuring, and supporting the implementation of CSC Financial's international businesses such as cross-border derivatives and offshore bond underwriting. In his first remarks after taking office, He Haifeng said he would build a global macro and strategic research framework with a global perspective and Chinese characteristics, focusing on sector research and thematic research in the medium term. He also stressed that the global economic landscape has shown an irreversible trend of the East rising and the West declining, and that China's stock market and fund market will become the main themes going forward.

The STAR Market Healthcare ETF Huaxia has seen net capital inflows for three consecutive trading days, attracting a total of 29.64 million yuan, with an average daily net inflow of 9.88 million yuan. The ETF's latest size reached 393 million yuan, a new high in nearly one year. In terms of news, global innovative drug financing in the first half of 2026 reached 20.177 billion US dollars, with domestic financing at 4.233 billion US dollars, completing 82 percent of the full-year 2025 total. China Securities pointed out that the continuous improvement in domestic innovative drug financing will drive the CXO industry chain into a new phase of development.

Six Chinese financial firms involved in the $8.6 billion initial public offering of China's largest memory chip maker, ChangXin Memory Technologies, are set to earn at least $41 million in fees, according to CXMT's filings. The fee rate is 0.48% of the IPO proceeds, significantly below the average fee rate of 4.52% for IPOs on China's yuan-denominated stock market so far in 2026. If CXMT raises $8.6 billion, it would be the largest IPO on China's yuan-denominated stock market, surpassing Semiconductor Manufacturing International Corporation's listing in 2020. The IPO is being led by China Securities and CICC, with other participants including China Merchants Securities, Guotai HaiTong Securities, Guoyuan Securities, and Huatai United Securities, a subsidiary of Huatai Securities.

The securities sector strengthened in afternoon trading on July 15, with CICC closing up 8.18%, and GF Securities and China Securities rising over 3%, as listed brokers released a dense batch of first-half 2026 performance forecasts signaling strong earnings. By 1 p.m., 21 of the 50 constituents in the securities sector had issued forecasts, with only Jinlong Co. reporting a decline, while the other 20 all achieved positive profit growth, giving the sector a positive alert rate of 95.24%. Among top-tier brokers, CITIC Securities forecast net profit of 23.343 billion yuan, up 69.59% year-on-year and a record high for the period; Guotai Haitong projected attributable net profit of 20.003 billion to 20.511 billion yuan, up 27% to 30%; and China Merchants Securities estimated net profit of 10 billion to 11 billion yuan, up 93% to 112%. Mid-sized and smaller brokers showed strong elasticity, with Tianfeng Securities forecasting attributable net profit of 164 million to 246 million yuan, a surge of 429.03% to 693.55%. The broad-based earnings improvement was driven by three main engines: average daily stock and fund turnover on the A-share market reached 3.26 trillion yuan in the first half, up 98.72% year-on-year; total IPO fundraising amounted to 95.3632 billion yuan, up 150.94%; and proprietary trading benefited from a structural market. Institutions note that the brokerage sector's valuation remains at a historical low, with a price-to-book ratio of just 1.20 times, at the 17.1% percentile over the past decade, leaving room for valuation repair worth watching.