China Brokers & Asset Managers: Strong 2Q earnings as expected, likely 3Q momentum supported by ROE recovery

研报英文原文证据摘录

China Brokers & Asset Managers: Strong 2Q earnings as expected, likely 3Q momentum supported by ROE recovery

Equity Research

14 July 2026 | 12:43AM HKT

China Brokers & Asset Managers: Strong 2Q earnings as expected, likely

3Q momentum supported by ROE recovery

Recent 1H26 earnings pre-announcements from Chinese brokers point to another Shuo Yang, Ph.D.

+852-2978-0701 | shuo.yang@gs.com

quarter of strong performance. Across the nine brokers that have disclosed Goldman Sachs (Asia) L.L.C.

guidance, average net profit growth is approximately 155% YoY, with CICC and Claire Ouyang

CITICS reporting YoY growth of 78%-90% and 70%, respectively. +852-2978-6686claire.x.ouyang@gs.com|

Goldman Sachs (Asia) L.L.C.

The earnings strength was primarily supported by continued momentum across both

primary and secondary capital markets. A-share ADTV reached a record Rmb 2.9tn

in 2Q26, while margin financing balances exceeded Rmb 3tn, reflecting sustained

investor participation and supporting brokerage commissions and interest income.

At the same time, A-share IPO issuance rose to Rmb 66bn, the highest level since

2024, while Hong Kong IPO activity remained robust due to a healthy project

pipeline.

Looking into 3Q26, key areas to monitor include the sustainability of trading activity

and IPO issuance, progress in capital deployment toward Hong Kong operations, and

potential earnings contributions from upcoming technology listings. CICC

management commentary suggests market activity remains resilient, while several

brokers continue to expand their international platforms through capital injections

and strategic transactions.

We maintain a preference for CICC-H and CITICS-A, given their leading positions in

Hong Kong capital markets, growing international operations, and potential for