The trend of brokerages forecasting improved earnings continues.
On the evening of July 10th, CITIC SEC, Changjiang Securities Company Limited, and Zhongtai Securities Co.,Ltd. successively released their earnings forecasts.
The 2026 interim results forecast from CITIC SEC stated the company expects to achieve a net profit attributable to shareholders of 23.343 billion yuan for the first half of 2026, representing a year-on-year increase of 69.59%.
Changjiang Securities Company Limited's interim forecast indicated an expected net profit attributable to shareholders of between 3.126 billion yuan and 3.3 billion yuan for the first half, marking growth of 80% to 90% compared to the same period last year.
Zhongtai Securities Co.,Ltd. showed the most significant momentum, with its forecast announcing an expected net profit attributable to shareholders of 1.752 billion yuan for the first half, a year-on-year surge of 146.31%.
The simultaneous positive forecasts from these three brokerages highlight the robust earnings momentum across the securities industry in the first half of this year.
Zhongtai Securities: Reasons Behind the Sharp Increase
The forecast announcement from Zhongtai Securities Co.,Ltd. provided a relatively clear explanation for the substantial profit growth.
The announcement stated that 2026 marks the beginning of the "15th Five-Year Plan" period, and with the capital market stable and improving in the first half, the company anchored its goal of building a "first-class" securities firm, focused on the primary task of high-quality development, and continued to deepen its work on the "Five Major Financial Articles."
Specifically, by closely adhering to requirements for management quality improvement and operational efficiency gains, the company promoted steady development across all areas. Revenues from businesses such as wealth management, investment trading, asset management, and investment banking all achieved year-on-year growth, leading to a significant overall improvement in operating performance.
Based on the statement, wealth management and the two investment-related businesses were key drivers of the company's substantial growth. Investment banking, as a crucial growth driver, also played a very important role.
Changjiang Securities: Emphasizing Seizing Opportunities
Compared to Zhongtai Securities Co.,Ltd., Changjiang Securities Company Limited's description of the reasons for its own profit forecast was more general. While it also emphasized alignment with national policy direction, its mention of seizing market opportunities and enhancing comprehensive capabilities was relatively unique.
In its forecast announcement, Changjiang Securities Company Limited stated that in the first half of 2026, the capital market maintained a favorable development trend. Centered on the goal of building a top-tier investment bank and anchored in its functional positioning of "Four Services"—serving the development of the real economy, serving technological and industrial innovation, serving social wealth management, and serving major regional strategies—the company seized market opportunities, enhanced its comprehensive capabilities, maintained steady development across all business lines, and expects a year-on-year increase of 80%-90% in net profit attributable to shareholders.
Despite profits nearly doubling, the announcement described all business lines as developing steadily, indicating the very "prudent" wording typical of Changjiang Securities Company Limited.
Industry Leader CITIC SEC: "Big Ship, Fast Oars"
As the leading brokerage in the industry, the earnings forecast from CITIC SEC also attracts significant attention. While its growth rate may not be the fastest in the sector, its net profit amount is undoubtedly the largest.
What sets CITIC SEC's forecast announcement apart from the other two firms is its emphasis on the comprehensiveness of its business capabilities. This all-around strength reflects its characteristic of being a large vessel with powerful oars.
CITIC SEC stated that in the first half of 2026, the capital market was stable and improving, with market activity remaining high. Facing new opportunities and challenges for high-quality development in the capital market, the company consistently upheld its mission of helping enhance capital market functions and serving high-quality economic development. It solidly advanced work on the "Five Major Financial Articles," anchored its development goal of accelerating the construction of a first-class investment bank and investment institution, deepened the implementation of its international strategic layout, adhered to a customer-centric business orientation, strengthened technology empowerment to lead development, continuously improved its comprehensive financial service capabilities, saw all business lines work in synergy and develop steadily, and achieved record-high operating performance for the period.
Overall, this year, with active overall trading in domestic markets and strong performance in overseas markets, the brokerage sector has seen numerous business development opportunities. Various signs suggest that another industry upcycle for domestic brokerages may have already begun.
Comments