China Galaxy Securities Co Ltd Class A

China Galaxy released its 2026 interim report, with total operating revenue of 16.85 billion yuan, up 22.58% year-on-year, and net profit attributable to the parent of 7.797 billion yuan, up 20.18% year-on-year. Net cash inflow from operating activities was 73.327 billion yuan, up 371.05% year-on-year. The company's asset-liability ratio was 85.32%, ROE was 5.01%, and diluted earnings per share was 0.66 yuan. The number of shareholders was 135,500, and the shareholding ratio of the top ten shareholders was 84.21%.

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.