Tracking Hong Kong stocks concept | Multiple securities firms are expected to have strong half-year performance, Chinese securities firms may see valuation restoration (with concept stocks)

In the first half of 2026, the A-share market was significantly active, with the daily turnover of stock funds in Shanghai and Shenzhen reaching 3.24 trillion yuan, a year-on-year increase of 101.0%. In the second quarter of 2026, the daily turnover of stock funds in Shanghai and Shenzhen reached 3.35 trillion yuan, a year-on-year increase of 125.45% and a month-on-month increase of 7.31%. Equity fund issuance also rebounded simultaneously, with a total of 492.3 billion new equity fund units established in the first half of 2026, an increase of 88.33% year-on-year. Institutions expect a significant increase in brokerage business revenue in the first half of 2026, up 74.85% year-on-year. According to a report by CICC, a total of 42 listed brokerage firms are expected to achieve a net profit attributable to shareholders of 142.5 billion yuan in the first half of 2026, a 50% increase year-on-year. The strong trading volume in the first half of the year, the recovery of investment banking business, and the strengthening of securities firms' proprietary trading business are the main drivers of the high-speed growth of brokerage firms' performance. Against the backdrop of the rebound in IPOs and the tech innovation market, "tech content" is becoming the core competitiveness of brokerage firms. A research report from CITIC SEC indicates that the consultation draft of the new refinancing regulations focuses on serving the real economy, enhancing the inclusiveness and adaptability of the capital market, and preventing systemic risks. It is expected to reduce the financing costs and time costs of high-quality companies. This revision is the first systematic optimization of the refinancing system since the full implementation of the registration system in February 2023, and is expected to continue to strengthen the sustainability of securities firms' investment banking business recovery. It is recommended to pay attention to high-quality medium-sized securities firms with prominent industrial resources and top securities firms with strong investment banking business capabilities. Chinese brokerage firms sector related to Hong Kong stocks: Huatai (06886), GF SEC (01776), China Galaxy (06881), Guotai Haitong (02611), CICC (03908), CITIC SEC (06030), China Securities Co., Ltd. (06066), Orient (03958), EB SECURITIES (06178), Shenwan Hongyuan Group (06806), CC SECURITIES (01375), Guolian Minsheng (01456), etc.