证券公司

CITIC Securities Subsidiary Completes $160 Million Note Issuance to Supplement Overseas Working Capital

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

China Galaxy Securities Issues 2 Billion RMB Short-term Commercial Paper to Supplement Working Capital

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

CSC Financial completes $132 million note issuance with full guarantee

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

CMBI Raises CITIC Securities Target Price to HKD17, Maintains 'Buy' Rating

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

GF Securities Obtains AAA Credit Rating and Issues Perpetual Subordinated Bonds

China Construction Bank Securities Unveils Future Industry Research Institute and Hosts Mid-Year Capital Market Investment Summit

GF Securities Prices and Issues Short-Term Corporate Bonds

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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."

腾讯新闻 - 财经

Tianhong CSI All Share Investment Banking & Brokerage ETF

Huaan Securities

Guotai Haitong

Guotai CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Invesco Great Wall CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

Sealand Securities

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

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On April 1, 2026, the brokerage sector performed actively, with the Yinhua CSI All Share Investment Banking & Brokerage Index rising by 1.69%. The overall performance of the securities industry has improved, with CICC's net profit attributable to shareholders in 2025 increasing by 71.93% year-on-year. Shenwan Hongyuan expects that in 2026, brokerages will achieve growth driven by policies, capital, and market trading. The Harvest CSI All Share Investment Banking & Brokerage ETF (562870) closely tracks this index, providing investors with opportunities to invest in the brokerage sector

Harvest CSI All Share Investment Banking & Brokerage ETF

Shenwan Hongyuan

China Merchants CSI All Share Investment Banking & Brokerage Index Fund-A

CICC

Changsheng CSI All Share Investment Banking & Brokerage Index Fund(LOF)-A

The overall performance of the securities industry has significantly rebounded, and the securities ETF Harvest (562870) is positioning itself for opportunities in the brokerage sector

Under the defensive style, the resilience of the financial sector is expected to continue to stand out, and the securities ETF Harvest (562870) is likely to continue benefiting. The CSI All Share Investment Banking & Brokerage Index rose by 0.66%, with many constituent stocks performing well. The China Securities Regulatory Commission is promoting the planning of the capital market, enhancing market resilience and risk resistance capabilities. The public consultation on the financial law draft will strengthen the compliance foundation for securities firms, aiding the high-quality development of the capital market. Securities firms are actively laying out market-making businesses at the Beijing Stock Exchange to enhance competitiveness. Investors can seize brokerage opportunities through the securities ETF Harvest linked fund

The resilience of the financial sector under a defensive style is expected to continue to stand out, and the securities ETF Harvest (562870) is likely to continue benefiting

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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

SSE Index

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

The China Securities Association has released the "Key Position Competency Model Series for Securities Companies (Investment Advisor Category)," which focuses on the characteristics of investment advisor positions under the transformation of wealth management. It systematically outlines job responsibilities, competency requirements, and development pathways. The model covers three levels: junior, intermediate, and senior, includes 17 competency items, and provides a tiered training system with 33 courses, offering a reference for securities companies to improve their investment advisory talent development and supporting localized application and dynamic adjustments

Wallstreetcn

The China Securities Association released the "Key Position Competency Model Series for Securities Companies (Investment Advisor Category)"

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The monthly active user data of brokerage apps is an important window to observe investors' willingness to enter the market and the stickiness of brokerage users. According to the latest data from Analysys Qianfan, in February, the number of monthly active users of securities apps reached 170 million. Although it decreased by 7.52% month-on-month due to factors such as the Spring Festival holiday, it still achieved a steady growth of 2.62% year-on-year. From the recent updates and iterations of brokerage apps, many brokerages are actively increasing their margin financing and securities lending business to explore potential customers and seize market opportunities. (Securities Daily)

CCB Principal CSI All Share Investment Banking & Brokerage ETF

CCB Principal ChiNext Composite ETF

CCB Principal SSE 50 ETF

E Fund CSI HK Connect Internet ETF

E Fund CSI All Share Investment Banking & Brokerage ETF

E Fund CSI Hongkong Bond Investment Theme ETF

The latest monthly active users of brokerage apps have declined month-on-month, increasing efforts in margin financing and securities lending to seek growth

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保险主题

Today, the non-bank sector rebounded, with the A-share brokerage index rising by 1.99% and the insurance index rising by 2.68%. With valuations at low levels, pessimistic expectations have been fully priced in, making non-bank assets cost-effective. The dividend yield of Hong Kong brokerages for 2025E is close to or exceeds 5%, with limited downside potential for stock prices. As the fundamentals improve, the overall high prosperity of listed brokerages is expected. If the market continues to break through, non-bank financials have significant elasticity. Related ETFs include E Fund Hong Kong Securities ETF (513090) and Securities Insurance ETF (512070)

E Fund CSI 300 Financials (ex Banks) ETF

Undervalued and stagnant, with improving fundamentals, focus on non-bank assets with cost-performance advantages

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As of March 17, 2026, the CSI All Share Investment Banking & Brokerage Index rose by 1.96%, and the Yinhua CSI All Share Investment Banking & Brokerage ETF once increased by nearly 3%, achieving a net inflow for three consecutive days, totaling 13.3935 million yuan. The scale of this ETF has grown to 2.232 billion shares, setting a new historical high. GF SECURITIES pointed out that capital market reforms will drive the development of brokerages, the market is resilient, and economic recovery supports improved profitability, with an upward trend expected after short-term fluctuations

GF SECURITIES

The securities ETF E Fund rose nearly 3% in early trading, with net inflows for three consecutive days, highlighting the allocation value of the brokerage sector

On March 17, 2026, the trading volume of the Shanghai and Shenzhen stock markets exceeded 2 trillion yuan for the 15th consecutive trading day, with the securities company index rising by 2.35%. Multiple brokerage firms increased their holdings or repurchased shares to boost market confidence, resonating with the industry's fundamentals and valuations. Policies support state-owned financial institutions in enhancing service levels, and brokerage PB valuations are at historical lows, offering high cost-performance ratios. Leading brokerages benefit from reform dividends, with strengthened business synergies, and those serving the real economy and household wealth management are expected to break through. The securities ETF closely tracks the Harvest CSI All Share Investment Banking & Brokerage ETF

The trading volume of Shanghai and Shenzhen exceeds 2 trillion, and securities firms are increasing their holdings with "real money" to show confidence. The securities ETF Harvest provides a one-click layout for the fundamental valuation resonance opportunities in the brokerage sector

证券公司(399975.SZ)

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

The overall performance of the securities industry has significantly rebounded, and the securities ETF Harvest (562870) is positioning itself for opportunities in the brokerage sector

The resilience of the financial sector under a defensive style is expected to continue to stand out, and the securities ETF Harvest (562870) is likely to continue benefiting

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

The China Securities Association released the "Key Position Competency Model Series for Securities Companies (Investment Advisor Category)"