Five Brokerages See Net Profits Double in Q1 as Ten-Billion Revenue Club Expands

Listed Brokerages Release Q1 Results, Sending Clear Recovery Signals

All 50 A-share listed brokerages have unveiled their Q1 2026 report cards. Overall, the brokerage industry has sustained its prior recovery momentum, with both revenue scale and profitability exhibiting significant growth. The expansion of the "ten-billion revenue club" and multiple brokerages doubling their net profits stood out as the quarter's biggest highlights.

Ten-Billion Revenue Club Expands to Four Members

Data shows that in Q1 2026, four of the 50 listed brokerages surpassed the 10-billion-yuan revenue threshold — double the two that achieved this in the same period of 2025. In addition to traditional leaders CITIC Securities and Guotai Haitong, which continued to hold their positions, GF Securities and Huatai Securities joined the club on the back of strong performances, officially entering the Q1 "ten-billion revenue club."

This shift reflects subtle changes in the competitive landscape among top-tier brokerages. In recent years, GF Securities and Huatai Securities have consistently ramped up efforts across wealth management, investment banking, and proprietary trading, continuously optimizing their business structures and ultimately achieving a breakthrough in quarterly revenue.

Five Brokerages More Than Double Net Profits Year-on-Year

Net profit performance was equally impressive. In Q1 2026, five brokerages — Huachuang Yunxin, China Securities, Caida Securities, Caitong Securities, and Northeast Securities — more than doubled their net profits year-on-year, leading the industry in growth.

Notably, most of these brokerages are small- to mid-sized firms, suggesting that the recovery dividend is spreading from top-tier players to mid-tier ones. Driven by rising market trading activity and a recovering equity market, smaller brokerages demonstrated greater elasticity in their brokerage and proprietary trading businesses, resulting in more pronounced earnings improvements.

Multiple Factors Driving Industry Recovery

The sector-wide earnings strength in Q1 was underpinned by several factors. On one hand, A-share market activity has continued to rebound since the start of 2026, with average daily turnover remaining at elevated levels, directly boosting brokerage commission income. On the other hand, the overall equity market performed well, significantly improving proprietary investment returns and serving as a key engine for earnings growth.

Additionally, the dividends from industry consolidation and reform are gradually materializing. As brokerage mergers and acquisitions accelerate and capital market institutional reforms deepen, leading brokerages have further strengthened their comprehensive competitiveness, with a clear trend toward greater industry concentration.

Outlook: Divergence and Consolidation Go Hand in Hand

Looking ahead, the brokerage industry is expected to sustain its recovery trajectory, though divergence will deepen further. Top-tier brokerages will continue to consolidate their leading positions through brand advantages, capital strength, and full-spectrum business capabilities. Meanwhile, select small- and mid-sized brokerages with differentiated competitive edges may also break through in niche segments. As industry M&A and consolidation progress, the membership of the "ten-billion revenue club" is likely to continue expanding.