Tianhong CSI All Share Investment Banking & Brokerage ETF

Huatai Securities Announces Issuance of 8 Billion Yuan Short-term Corporate Bond

Hygon Information Unveils World's First Post-Quantum Cryptography Smooth Migration Solution

CICC Reduces Holdings in Han's CNC by 2.53 Million Shares on May 14, Raising About 362 Million HKD

GF Securities completes 5 billion yuan perpetual subordinated bond issuance at coupon rate of 2.09%

CICC Merger with Dongxing and Cinda Securities Verified: Control Unchanged, Central Huijin Remains Controller

CICC Completes 3 Billion RMB Bond Issuance: Series I Rate 1.47%, Series II Rate 1.69%

Ding Xuexiang Inspects Computing Power Network Construction: Emphasizes Electricity-Computing Synergy and Green Power Direct Connection, Ensures Energy Supply

CITIC Securities Subsidiary Issues $10M Notes and Discloses Over 210Billion in Guarantees

Bank Bond Holdings Break 10 Trillion Yuan, Establishing Dual-Drive Financing Pattern of Credit and Bonds

Pakistan Successfully Issues First Non-Fully Guaranteed Panda Bond with Support from AIIB and ADB

GF Securities' '26 GF D5' Corporate Bonds to List on SZSE on May 18

Orient Securities to Acquire 100% of Shanghai Securities, Combined Assets Reach 582.7 Billion

CICC Receives AAA Credit Rating with Stable Outlook, Set to Issue Corporate Bonds

GF Securities Obtains AAA Credit Rating and Issues Perpetual Subordinated Bonds

GF Securities Prices and Issues Short-Term Corporate Bonds

Securities Firms' Proprietary Trading Revenue Surpasses 22.5 Billion Yuan

CGB Securities Publicly Issued Corporate Bonds to Professional Investors

CITIC Securities: Pharmaceutical Industry Listed as Emerging Pillar Industry, Innovation Drugs and Equipment Drive Performance Recovery

CICC Wins Bid for Zhejiang Transportation Investment Group Bond Underwriting Project

Eastern Securities Plans Mega Merger with Shanghai Securities

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Following Guosen Securities' release of its 2025 performance results, the ranking of the top ten securities firms has been reshuffled. CITIC SEC and GTHT have formed a "two super giants" pattern, with their combined revenue and net profit accounting for nearly 40% of the top ten. GF SEC saw its net profit rise to fourth place, while CMSC fell to sixth. Proprietary trading and brokerage services have become growth engines, with proprietary income among the top ten firms growing 33% year-on-year and brokerage fee income surging 48%. Looking ahead, internationalization and technology empowerment will be key to competition. Overall, the strength of leading brokerages continues to strengthen

- With Guosen Securities releasing its 2025 report, the rankings of the top ten securities firms have been finalized.  
- CITIC Securities and Guotai Junan dominate the industry, together accounting for nearly 40% of total revenue and net profit among the top ten, whose overall performance shows significant growth in proprietary trading and brokerage services.  
- Looking ahead, internationalization and technological empowerment are seen as key competitive areas for leading firms, as market dynamics shift towards a more concentrated landscape.

Wallstreetcn

Guotai Haitong

CITIC Securities Co., Ltd.

GTHT

GF SECURITIES

CITIC SEC

GUOSEN SECURITIES

CMSC

GF SEC

Guotai CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

E Fund CSI Hongkong Bond Investment Theme ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Guotai SSE 180 Finance ETF

HTSC

CICC

Shenwan Hongyuan

SWHY

Huatai Securities Co., Ltd. GDR Class A RegS

SWHYHK

Top Ten Brokerages Reshuffled! "Two Super Giants and Multiple Strong Players" Pattern Emerges, Two Business Lines Become Key Tracks

On April 14th, the three major A-share indices opened higher collectively, with the Shanghai Composite Index returning to 4,000 points. The CSI All Share Investment Banking & Brokerage Index rose by 0.06%, with GF SECURITIES and Guojin Securities performing outstandingly. The securities ETF Tianhong (159841) had a trading volume exceeding 57 million yuan, with a circulating share of 10.816 billion shares. CITIC Securities reported a significant increase in Q1 performance, with operating revenue of 23.155 billion yuan and net profit of 10.216 billion yuan. The China Securities Regulatory Commission released opinions on the reform of the ChiNext, benefiting the brokerage sector significantly, and Shenwan Hongyuan is optimistic about the allocation value of brokerages

腾讯新闻 - 财经

The Shanghai Composite Index returns to 4000 points, the Tianhong Securities ETF (159841) underlying index rises during the session, and the sector welcomes multiple catalysts such as high performance growth and the reform of the ChiNext

CITIC Securities Co., Ltd. reported a net profit growth of 54.6% year-on-year in the first quarter of 2026, with operating revenue of 23.155 billion yuan, an increase of 40.91%. The securities ETF Tianhong (159841) rose over 2% at market opening, attracting a net inflow of 5.6 million yuan. Southwest Securities recommends that investors seize the left-side layout opportunities in brokerage firms, recommending medium and large brokerage firms and those with merger and acquisition expectations

CITIC Securities' net profit in the first quarter increased by 54.6% year-on-year, the securities ETF Tianhong (159841) rose over 2% at the beginning of trading, and institutions recommend seizing the left-side layout opportunities of brokerages

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In 2025, the total scale of commission income from brokerage firms is expected to be 10.79 billion yuan, remaining basically flat compared to 2024, ending three consecutive years of decline. The internal reshuffling of the industry is accelerating, with Guotai Haitong jumping to second place in the commission income ranking due to its merger advantages. Small and medium-sized brokerages are frequently emerging as "dark horses," while tail-end brokerages face the risk of elimination. The commission rate continues to decline, with the average commission rate in 2025 dropping to approximately 0.36‰, a year-on-year decrease of about 36%. Brokerage research business is shifting from "commission-driven" to "diversified value creation."

Huaan Securities

Invesco Great Wall CSI All Share Investment Banking & Brokerage ETF

Sealand Securities

The hundred billion split warehouse has stabilized, but the brokerage "ranking" shows four subtle changes

As the disclosure of 2025 results for A-share listed securities firms is underway, eight brokerage firms have reported total operating revenue of 137.707 billion yuan, up 31.10% year-on-year, and net profit attributable to the parent company of 59.588 billion yuan, up 33.78% year-on-year. Amidst a recovery in market trading activity, the competitive landscape of the securities industry is becoming clearer. Industry insiders believe that a highly active market environment and business structure optimization are the core drivers of performance growth

Net Profit of 8 Listed Securities Firms Increased by Over 30% Year-on-Year Last Year

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On March 26, the Shanghai Composite Index fell below 3,900 points again, with all three major indices dropping over 1%. The market turnover fell below 2 trillion yuan, a decrease of 236.2 billion yuan compared to the previous day. The main reasons include the impact of rising oil prices on the stock market and profit-taking adjustments after consecutive rebounds. Although JP Morgan has ended its bearish rating and shifted to neutral, it expects market volatility to intensify. In the short term, there may be changes in the strength and weakness structure among different sectors and individual stocks

CSI 300

SSE Index

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Huatai-PB CSI 300 ETF

ChinaAMC China 50 ETF

Guotai SSE Composite ETF

What happened? In the afternoon, the Shanghai Composite Index fell below 3900 points again

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On March 26, the three major A-share indices fell, with the Shanghai Composite Index losing 3,900 points. The CSI All Share Investment Banking & Brokerage Index dropped by 2.24%, with most constituent stocks declining. The Securities ETF (159841) saw a net subscription of 12 million shares against the trend, attracting over 1 billion yuan in the past 20 days, ranking first in the Shenzhen market. It is expected that the brokerage sector will welcome multiple favorable factors, with the performance of leading brokerages set to be disclosed intensively from late March to the end of April, showing an overall high growth trend in the industry. DFZQ recommends paying attention to the recovery market of the brokerage sector

DFZQ

The Shanghai Composite Index once again fell below 3,900 points, while the Securities ETF (159841) saw a net subscription of 12 million shares against the trend, accumulating over 1 billion yuan in "capital absorption" in nearly 20 days, ranking first among similar targets in the Shenzhen market

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China's capital market is entering a stage of high-quality development. The Ministry of Justice and other institutions have released the "Financial Law (Draft)," emphasizing the strengthening of financial regulation and the protection of investors' rights. At the same time, the China Securities Association has issued a competency model for investment advisors, marking the industry's shift towards professionalization. The regulatory logic is shifting from "development first" to "emphasis on both regulation and protection," and the industry is facing a structural transformation that requires precise alignment with regulatory guidance and meeting investor needs

Shenzhen Index

Top-level legislation combined with standard regulations marks a turning point in the restructuring of the securities investment advisory industry

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Last Friday (March 20), the Securities ETF (159841) performed outstandingly in the Shenzhen market, with a net subscription exceeding 180 million shares and a transaction volume of 357 million yuan, both ranking first among the same underlying assets. Despite the Shanghai Composite Index falling by 1.77%, the ETF's net flow rate over the past 20 days was 8.44%. Galaxy Securities pointed out that the current valuation of the brokerage sector is at a historical low, market activity is high, and it is expected that the transformation of wealth management and financial technology will drive the industry to improve ROE, possessing both defensive and rebound advantages

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

The Securities ETF (159841) had a net subscription of over 180 million units last Friday, ranking first among the same category in the Shenzhen market. Institutions: The brokerage sector has both defensive and rebound capabilities

Tianhong CSI All Share Investment Banking & Brokerage ETF(159841.SZ)

Top Ten Brokerages Reshuffled! "Two Super Giants and Multiple Strong Players" Pattern Emerges, Two Business Lines Become Key Tracks

The Shanghai Composite Index returns to 4000 points, the Tianhong Securities ETF (159841) underlying index rises during the session, and the sector welcomes multiple catalysts such as high performance growth and the reform of the ChiNext

CITIC Securities' net profit in the first quarter increased by 54.6% year-on-year, the securities ETF Tianhong (159841) rose over 2% at the beginning of trading, and institutions recommend seizing the left-side layout opportunities of brokerages

The hundred billion split warehouse has stabilized, but the brokerage "ranking" shows four subtle changes

Net Profit of 8 Listed Securities Firms Increased by Over 30% Year-on-Year Last Year