Is the brokerage sector about to enter a favorable earnings cycle? Citic Securities, Yangtze Securities, and Zhongtai Securities all posted preliminary earnings growth increases on the same day!

The pace of brokers’ profit growth on the rise is continuing.

On the evening of July 10, CIG Securities, Yangtze Securities, and Zhongtai Securities released earnings pre-announcements one after another.

CIG Securities’ announcement for 1H 2026 says the company expects attributable net profit in 1H 2026 to be 23.34B yuan, up 69.59% year-on-year.

Yangtze Securities’ announcement for 1H 2026 says that in the first half of the year, attributable net profit is expected to be 3.13B yuan~3.3 billion yuan, up 80%-90% from the same period last year.

Zhongtai Securities’ profit-growth momentum is the most pronounced. In its announcement, the company says that attributable net profit in the first half of the year is expected to be 1.75B yuan, up 146.31% year-on-year.

Three brokerages, jointly reporting profit increases, highlights the strong performance momentum of the brokerage industry in the first half of this year.

Zhongtai Securities: Big increase for good reasons

In Zhongtai Securities’ earnings pre-increase announcement, the reasons for the substantial jump in performance are explained relatively clearly.

The announcement states that 2026 is the launch year of the “15th Five-Year Plan,” and in the first half of the year, the capital markets remained stable and improved. The company aligns with the goal of building “seven first-class” securities companies, focuses on the primary task of high-quality development, and continues to deepen and refine the financial “five major articles.”

Specifically, by closely meeting requirements for improving management quality and increasing operating efficiency, the company promotes steady development across various segments. Revenue from wealth management, investment trading, asset management, and investment banking has recorded year-on-year growth, and the company’s overall operating performance has improved significantly.

Judging from the wording, wealth management and the two investment-related businesses are important reasons behind the company’s substantial growth. As investment banking serves as a key driver business, it also plays a very important role.

Yangtze Securities: Emphasize seizing opportunities

Compared with Zhongtai Securities, Yangtze Securities describes the reasons for its own profit pre-increase more generally, and in the explanation it also places relatively strong emphasis on “echoing” national policy direction. However, the description of seizing market opportunities and enhancing overall competitiveness is relatively unique within it.

In its earnings pre-increase announcement, Yangtze Securities says that in 1H 2026, the capital market will maintain a favorable development trend. The company, aiming to build a first-class investment bank, anchors the “four services” functional positioning of serving the real economy, serving technological innovation in the technology industry, serving social wealth management, and serving major regional strategies. By seizing market opportunities and enhancing overall competitiveness, and ensuring steady development across all businesses, attributable net profit attributable to shareholders of listed companies is expected to grow 80%-90% year-on-year.

Its profit is close to doubling, yet it states that all businesses maintain steady development—Yangtze Securities’ wording is also very “steady.”

The No. 1 broker in the industry, CIG Securities: “Big ship, fast oars”

As the industry’s top brokerage, CIG Securities’ earnings pre-increase is also drawing extra attention. Although its growth rate is not the fastest in the industry, its net profit amount is definitely the largest.

Unlike the other two brokerages, CIG Securities’ earnings pre-increase announcement highlights the comprehensiveness of its business capabilities. This kind of comprehensive capability is also reflected in the characteristics of its “big ship and good oars.”

CIG Securities says that in 1H 2026, the capital market remained stable and improved, and market activity stayed at a high level. Faced with new opportunities and challenges for high-quality development of the capital market, the company, with the mission of helping enhance capital market functions and serving high-quality economic development, solidly delivers the financial “five major articles,” aligns with the development goals of accelerating the construction of first-class investment banks and investment institutions, deepens its international strategy layout, adheres to a customer-centered operating orientation, strengthens technology-enabled development, and continuously improves the level of integrated financial services—driving all businesses to work in coordination for steady development, and operating performance hits a historical record high for the same period.

Overall, this year, as domestic markets’ trading activity remains active and overseas markets’ sentiment stays hot, the brokerage sector has seen many business development opportunities. Various signs suggest that another industry upcycle for domestic brokerages may already have started.

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