China Securities Co., Ltd. has delivered an impressive set of results for the first half of 2026, with revenue reaching RMB 16.23 billion, a 51.11% jump year-on-year. Net profit attributable to shareholders of the parent company climbed to RMB 7.64 billion, marking a robust 69.44% increase. The company's weighted average return on equity rose to 8.27%, up 3.17 percentage points from the same period last year, while basic earnings per share hit RMB 0.92, representing a 76.92% year-on-year growth.

In parallel, the firm's total assets surpassed RMB 860.4 billion, a 27.13% expansion from the start of the year, reflecting continued balance sheet growth.

Looking at the revenue mix, the trading and institutional client services business emerged as the primary growth engine, generating RMB 9.07 billion in revenue for the period, up 94.12% year-on-year and accounting for over half of total revenue. Wealth management and asset management operations also grew steadily, bringing in RMB 4.67 billion and RMB 905 million respectively, with increases of 26.83% and 41.14%. In contrast, the investment banking segment posted RMB 1.11 billion in revenue, a modest 0.86% gain that lagged notably behind other divisions.

The company has also proposed an interim dividend plan, distributing RMB 2.90 (pre-tax) per 10 shares based on a total share count of 7.757 billion shares, subject to shareholder approval.

Trading and Institutional Business: Revenue Nearly Doubles

The resurgence in market activity serves as the core backdrop for the explosive growth in China Securities Co., Ltd.'s trading and institutional operations. During the first half of 2026, the average daily trading volume on the A-share market reached approximately RMB 3.25 trillion, up 98.55% year-on-year. This surge propelled the segment's revenue to RMB 9.07 billion, a 94.12% increase.

In equity sales and trading, the firm completed the distribution of 19 A-share lead underwriting projects, with cumulative sales reaching RMB 32.04 billion. OTC options, derivatives, and market-making activities continued to expand, with market-making coverage extending across ETFs, options, futures, and equities. The fixed income business maintained its competitive edge, with bond sales volume remaining among the top three in the industry. The company also secured a position as a licensed liquidity provider for USD/CNH FX futures on the Hong Kong Stock Exchange.

On the institutional services front, the number of active PB system clients reached 27,000 by the end of the period, up 30.20% year-on-year. Additionally, 35 public fund companies and 13 insurance asset management institutions utilized the firm's algorithmic trading services. The custody scale for public funds reached RMB 298.45 billion, ranking among the top three in the industry, with 24 newly added public fund custody mandates in the first half, the highest in the sector.

Wealth Management: New Client Acquisition Soars 144%

The market recovery also accelerated wealth management growth. China Securities Co., Ltd. onboarded 2.03 million new clients in the first half, a 143.92% increase year-on-year. Online client acquisition surged 231.39%, while new high-net-worth clients grew 157.38%. By the end of the period, cumulative clients surpassed 19 million.

The wealth management transformation has also gained traction. Investment advisory income rose 143.52% year-on-year, while customized business assets under management climbed 266.94%. The full-caliber scale of financial products under custody exceeded RMB 477 billion.

Margin financing and securities lending also saw significant expansion. By the end of the period, the firm's margin balance reached RMB 108.61 billion, up 27.61% from the start of the year, with a market share of 3.60%. The overall maintenance margin ratio stood at 322.89%, indicating stable risk levels.

Investment Banking: Equity Financing Under Pressure, Bond Underwriting Holds Top Three

Compared with the rapid growth of other business lines, investment banking performance was relatively muted. Revenue from this segment reached RMB 1.11 billion in the first half, up just 0.86% year-on-year, making it the slowest-growing among the four major divisions.

In equity financing, the firm completed 16 A-share projects, with lead underwriting totaling RMB 27.75 billion, ranking third to fourth in the industry. By the end of the period, 38 IPO projects were under review, placing the company third in the sector.

Bond underwriting maintained its competitive position, with 2,355 lead underwriting deals completed, amounting to RMB 834.22 billion, both ranking third industry-wide. Among these, thematic bonds tied to the "Five Major Articles" totaled RMB 105.59 billion in underwriting scale, also ranking third.

Mergers and acquisitions also delivered notable results. The firm completed three major A-share asset restructuring projects and advised Hongchuang Holdings on a significant restructuring deal valued at RMB 63.52 billion.

Asset Management: AUM Exceeds RMB 625.5 Billion

Asset management continued its upward trajectory, with client assets under management reaching RMB 625.58 billion by the end of the period, up 28.92% year-on-year.

The public fund subsidiary, China Securities Fund, achieved a key milestone by launching the China Securities Shounong Commercial REIT, the first product of its kind in Beijing. By the end of the period, the subsidiary's management scale reached RMB 172.70 billion, with public fund assets at RMB 104.15 billion.

Private equity operations also maintained expansion. In the first half, the company added RMB 4.50 billion in new fund management scale, ranking fourth in the industry. Project investments totaled RMB 1.91 billion, up 91.49% year-on-year, with RMB 1.54 billion directed toward technology-focused projects, prioritizing integrated circuits, new materials, information technology, and smart equipment. By the end of the period, the firm managed 86 registered funds, with total management scale exceeding RMB 82.4 billion.

Overall, China Securities Co., Ltd.'s stellar first-half performance underscores a strategic shift, with the core growth drivers moving away from traditional investment banking toward trading, institutional services, and wealth management. As market activity continues to strengthen, the firm's high-beta brokerage trading and institutional businesses are emerging as key pillars of earnings growth.