GTHT sets pace for 1H26 earnings surge

Research evidence excerpt

GTHT sets pace for 1H26 earnings surge

Accessible version

Securities Broker/Dealer - China (H/A)

Earnings Preview

GTHT opens strong 1H26 reporting season 06 July 2026

Guotai Haitong (GTHT) surprised the market with a strong 2Q26 profit alert on July 3, Equity

guiding recurring net profit at ~RMB14bn (+240~252% YoY/+137~146% QoQ), China

significantly ahead of market expectation at ~RMB10bn. While brokerage, investment Securities Broker/Dealer

banking and NII should see solid growth across the sector, we believe the key upside Susie Liu, CFA >>

drivers behind GTHT’s 2Q26 figures were stronger-than-expected investment gains from Research Analyst

STAR markets (c.RMB4bn on our estimates) and offshore bonds, and effective post- Merrill+852 3508Lynch8456(Hong Kong)

merger cost control. susie.liu@bofa.com

Michael Li >>

Positive read-across to peers; more alerts expected ResearchMerrill LynchAnalyst(Hong Kong)

We expect major brokers to see accelerated earnings growth in 2Q26, bringing 1H26 +852 3508 7381

m.li@bofa.com

growth ahead of the 50% hurdle. Some are expected to issue profit alerts in the coming

weeks, including CITICS, CICC, GFS, CMS and CSC. Key earnings drivers include robust

ADT (RMB2.9tn, +128% YoY/+12% QoQ), record high MF balance (RMB3tn), booming A- Acronyms:

share IPOs (+50% YoY/+43% QoQ) and most importantly, outstanding performance in

STAR market (+76% QoQ) and ChiNext board (+36% QoQ) in 2Q26. For CITICS, CICC, NII: Net interest income

GFS and GTHT, offshore equity derivatives should also boost their 2Q26 profitability.

CITICS: Citic Securities

Not time to take profits yet CICC: China Int’l Capital Corp

A-share/H-share brokers have rebounded by 13~30%/5~22% from early June troughs,

recovering from sector correction since May.