As 2026 reaches its midpoint, two major securities firms are stepping forward to showcase their financial performance.
One is Guotai Haitong Securities Co., Ltd. (GTHT). For the first half of 2026, GTHT anticipates achieving a net profit attributable to the parent company's shareholders in the range of 20.003 billion to 20.511 billion yuan, representing a year-on-year increase of 27% to 30%. The prior year's comparable figures included negative goodwill arising from a merger.
Its net profit attributable to the parent company's shareholders after deducting non-recurring gains and losses is projected to be between 19.249 billion and 19.757 billion yuan, a significant surge of 164% to 171% compared to the same period last year.
The other firm is China Merchants Securities Co.,Ltd. (CMSC). For the first half of 2026, CMSC expects its net profit attributable to the parent company's shareholders to reach between 10 billion and 11 billion yuan, marking a robust growth of 93% to 112% year-on-year.
Its net profit attributable to the parent company's shareholders after deducting non-recurring gains and losses is also forecasted to be in the range of 10 billion to 11 billion yuan, reflecting the same growth rate of 93% to 112%.
Both GTHT and CMSC have emphasized that their operational results have reached a record high for the corresponding period.
These firms have solid grounds for showcasing their achievements. As securities companies, both have benefited from the broader market environment where the capital market's steady and positive trend has been reinforced, with all business segments progressing steadily.
GTHT is a leading firm in the top tier of the industry, while CMSC is considered a mid-sized leader in the second tier. The scale difference between the two exceeds a trillion yuan.
By the end of the first quarter of 2026, GTHT's total assets stood at 2.26 trillion yuan, whereas CMSC's total assets were 788.3 billion yuan, resulting in a scale difference of approximately 1.47 trillion yuan.
The performance of GTHT and CMSC holds significant representative meaning. Comparatively, GTHT shows a higher growth rate in its adjusted net profit, while CMSC's performance is equally impressive.
GTHT is accelerating the release of synergies from its integration, and CMSC is deepening its operational strategy focused on intensive, digital-intelligent, comprehensive, and international development. Both have achieved notable results.
There is a clear rationale behind their urgency to present these results. Both GTHT and CMSC are currently in a transitional period where the president's position is vacant, and the chairman is shouldering dual responsibilities. The strong profit growth provides a solid operational foundation for the incoming management and helps stabilize market confidence.
In May of this year, CMSC saw a change in its chairmanship, with Huo Da departing and President Zhu Jiangtao being promoted to chairman.
Concurrently, the president role at CMSC became vacant, with Zhu Jiangtao temporarily assuming the duties of the president.
Meanwhile, at GTHT, President Li Junjie officially announced his departure in July to take up the position of Director of the Shanghai Local Financial Regulatory Bureau.
GTHT Chairman Zhu Jian has since taken on the responsibility of acting president.
Currently, the new presidents for both GTHT and CMSC have yet to be appointed, placing significant responsibilities on the chairmen's shoulders.
Zhu Jian, born in the 1970s, previously worked in regulatory bodies. He joined Guotai Junan Securities as a vice president in 2016 before being transferred to become the president of Bank of Shanghai in October 2020. In December 2023, he returned to Guotai Junan Securities as chairman.
In March 2025, following the merger of Guotai Junan and Haitong Securities to form GTHT, Zhu Jian assumed the role of chairman.
As for Zhu Jiangtao, also born in the 1970s, he is a veteran of China Merchants Bank, having risen through the ranks from branch manager to head of risk control, deputy branch manager, branch manager, and eventually to chief risk officer and vice president of the bank.
In June 2025, Zhu Jiangtao made a cross-industry move to become the president of CMSC. Remarkably, he was promoted to chairman within just one year, a rapid ascent.
Zhu Jian is the first helmsman of the post-merger GTHT, while Zhu Jiangtao is the new leader of CMSC. Both are under pressure to deliver results.
The market holds high expectations for their new leadership partnerships.
Examining the current executive team structure and compensation systems reveals a divergence in the scale and pay levels of the vice president teams at the two brokerages.
GTHT boasts a relatively large vice president team, consisting of seven individuals: Xie Lebin, Nie Xiaogang, Mao Yuxing, Pan Guangtao, Zhang Xinjun, Chen Zhongyi, and Han Zhida. Their 2025 annual salaries all fell within the range of 500,000 to 700,000 yuan.
CMSC has five vice presidents: Liu Jie, Liu Rui, Liu Bo, Zhang Xing, and Wang Zhijian. Their 2025 annual salaries were 1.7105 million yuan, 1.8248 million yuan, 1.7105 million yuan, 1.4068 million yuan, and 1.0638 million yuan, respectively, all exceeding one million yuan.
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