Investment Banking Revenue Rankings Reshuffled in 2026 Interim Reports: CICC Surges 134% to Overtake CITIC, China Securities Lags Behind

The curtain has closed on the 2026 interim report season for listed brokerages, unveiling the mid-year scorecard for investment banking operations. The latest revenue figures indicate a dramatic reshuffling of the industry's investment banking landscape.

During the first half of this year, CICC staged a powerful comeback with a 134% year-on-year surge, seizing the top spot in investment banking revenue from CITIC Securities. Meanwhile, Guotai Haitong Securities climbed into the top three, capitalizing on synergies from its merger. Notably, China Securities Co., Ltd. fell out of the traditional "big three" investment banking camp, showing minimal growth, while a string of smaller players, including Hua'an Securities and Founder Securities, posted declines exceeding 60%.

The crown for investment banking leadership changed hands this half. CICC claimed the industry's top position with investment banking revenue of RMB 3.38 billion, marking a staggering 133.96% year-on-year increase and emerging as the biggest winner of the interim reporting season. CITIC Securities, long the undisputed leader in the segment, slipped to second place with RMB 2.914 billion. Although its revenue scale remains substantial, the 41.93% growth rate lagged significantly behind CICC's momentum.

The upper echelon saw notable shifts in ranking as well. Guotai Haitong Securities secured third place with RMB 2.273 billion, up 61.15% year-on-year. Huatai Securities followed in fourth with RMB 1.548 billion, achieving a steady 30.54% increase.

The most surprising development came from China Securities Co., Ltd., whose investment banking revenue totaled RMB 1.113 billion, a marginal 0.86% dip that left it effectively stagnant. Amid widespread double-digit growth across the industry, this stagnation caused China Securities Co., Ltd. to lose its footing in the traditional "big three" grouping, with the gap separating it from the top performers widening considerably.

Elsewhere among major brokerages, Orient Securities reported investment banking revenue of RMB 661 million, down 14.18% year-on-year, marking one of the more pronounced declines in the top tier.

For mid-sized and smaller brokerages, divergence within investment banking proved especially pronounced. Central China Securities saw its revenue skyrocket from RMB 3.22 million to RMB 13.51 million, a jaw-dropping 319.85% surge that topped the growth charts. Lin Securities followed with a leap from RMB 8.17 million to RMB 28.85 million, representing a 253.33% increase. Shanxi Securities also delivered a solid performance, growing 63.05% from RMB 91.85 million to RMB 150 million. Additionally, China Merchants Securities (+50.88%), Sinolink Securities (+55.27%), and Zheshang Securities (+62.46%) all recorded gains exceeding 50%.

Conversely, Hua'an Securities suffered the steepest drop in the dataset, with investment banking revenue plunging 71.70% from RMB 111 million to RMB 31.49 million. Founder Securities saw a 60.99% decline, dropping from RMB 129 million to RMB 50.31 million, while Dongxing Securities fell 56.28% from RMB 251 million to RMB 110 million. Further declines were recorded at Guolian Minsheng (down 24.96%), Tianfeng Securities (down 31.65%), Everbright Securities (down 23.53%), and Sealand Securities (down 63.67%).

The following is the 2026 interim investment banking revenue ranking for brokerages.