In the first half of 2026, heightened volatility in commodity markets accelerated the release of risk management demand from physical enterprises, driving up trading volumes across China's futures sector. Data from four A-share listed futures companies' interim reports or earnings forecasts shows that leading firms generally recorded substantial revenue and profit growth, reflecting the industry's rising prosperity.
Nanhua Futures Co Ltd officially released its 2026 semi-annual report on August 17. The report shows that the company achieved operating revenue of 879 million yuan in H1 2026, up 48.18% year-on-year; net profit attributable to shareholders of the listed company reached 388 million yuan, up 67.91%; and basic earnings per share stood at 0.55 yuan, up 44.74%. The report also indicates that the core driver of the company's H1 growth was its overseas financial services business, with its offshore subsidiary Heng Hua International posting revenue of 522 million yuan and net profit of 361 million yuan in the first half, serving as the key pillar supporting overall revenue and profit. In terms of business scale, as of June 30, 2026, Nanhua Futures' onshore futures brokerage customer equity stood at 43.225 billion yuan, with onshore asset management scale at 3.259 billion yuan; meanwhile, its offshore brokerage customer equity reached HK$33.56 billion, and offshore asset management scale totaled HK$8.233 billion.
A research report from SOCIAL SECURITIES noted that global market volatility remained elevated in H1 2026, with sustained demand from Chinese physical enterprises for overseas hedging and cross-border institutional trading. Combined with the capital boost from Nanhua Futures' H-share listing and continued expansion of offshore client equity, both overseas interest income and brokerage commission income grew, making its international business the primary growth engine for the first half. Leveraging its first-mover advantage in internationalization, Nanhua Futures has built differentiated competitiveness, particularly with notable strengths in offshore clearing, which is expected to unlock further development potential.
Additionally, Yongan Futures, RuiDa Futures, and Holly Futures have all released their 2026 semi-annual earnings forecasts, each delivering impressive results. Specifically, Yongan Futures expects net profit attributable to shareholders of 285 million to 315 million yuan, up 54.72% to 71.00% year-on-year, with synchronized improvements across brokerage, risk management, and other business segments. RuiDa Futures anticipates net profit of 400 million to 430 million yuan, up 75.59% to 88.76%, benefiting from active market trading with growth across brokerage, asset management, and proprietary trading, while its CTA strategy captured opportunities from volatile commodity markets, contributing significant incremental elasticity to performance. Holly Futures has turned around from losses, expecting net profit of 19 million to 28.5 million yuan, with improvements in commission income, interest income, and investment returns.
The collective high growth among A-share listed futures firms is a vivid reflection of the industry's overall positive trajectory. According to data from the China Futures Association, in H1 2026, national futures companies collectively achieved operating revenue of 23.088 billion yuan and net profit of 6.908 billion yuan, up 23.62% and 36.15% year-on-year respectively, indicating a significant improvement in overall industry profitability. The rise in market trading activity served as a key foundation for growth, with cumulative trading volume reaching 5.105 billion lots and cumulative turnover hitting 482.70 trillion yuan in the first half, up 25.23% and 42.08% year-on-year respectively.
Industry observers note that increased market activity has driven notable growth across brokerage, asset management, and risk management businesses, while the industry's profit structure is undergoing profound transformation. All four listed futures companies mentioned in their interim reports or earnings forecasts that profit growth from risk management, wealth management, and overseas financial services segments in H1 2026 lifted overall operating performance.
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