Hong Kong Stock Concept Tracking | There are frequent moves to increase holdings and repurchase! The brokerage sector shows signs of revaluation (with concept stocks)
The Zhitong Finance App learned that recently, there have been frequent moves to increase holdings and repurchase in the brokerage sector. According to the announcement, the controlling shareholder of Dongwu Securities plans to increase its holdings by 100 million yuan to 200 million yuan, and the shareholders of Societe Generale Securities plan to increase their holdings by 30 million yuan to 60 million yuan; Changjiang Securities plans to use its own funds to carry out share repurchases of 100 million yuan to 200 million yuan, and the repurchase work of Huaan Securities and Guojin Securities is also progressing. The companies mentioned above stated that their holdings increase and repurchase were based on optimism about the future development prospects of the securities industry and recognition of their own corporate value.
At the policy level, the four departments jointly issued the “Implementation Opinions on Improving the Governance of Financial Institutions”. According to Huaxi Securities analysis, the document covers full-caliber licensed institutions such as banks, insurance, and securities, and proposes 22 measures to establish a governance system with clear rights and responsibilities, compatible incentives, and strict risk control. The goal is to basically take shape by 2029. The core is to prevent illegal intervention and insider control by major shareholders, strengthen penetrating supervision and early risk intervention, and incorporate financial consumer rights protection into top-level design. This move is expected to systematically enhance the internal stability and resilience of the financial system, provide more solid support for serving the real economy, and lay the institutional foundation for the medium- to long-term standardized development of the non-banking sector.
Meanwhile, the 2026 semi-annual report disclosure season is in full swing, and the brokerage sector has taken the lead in handing over an impressive “report card”. According to Wind data, by the end of July, 17 listed brokerage firms had issued semi-annual performance forecasts for 2026, all of which had achieved a pre-increase in performance, covering leading, medium and medium brokerage firms. Overall, the direction of industry recovery is quite clear, and subsequent growth momentum is expected to continue, but we still need to pay attention to marginal changes in the external environment.
In terms of leading brokerage firms, a number of institutions have entered the ranks of 10 billion dollars in net profit for half a year. CITIC Securities expects net profit to reach 23.343 billion yuan in the first half of the year, with a year-on-year increase of 69.5%; Cathay Pacific Haitong expects net profit of 20.03 billion yuan to 20.511 billion yuan in the first half of the year, an increase of 27% to 30%. After deducting non-net profit, the profit doubled month-on-month in the second quarter; China Merchants Securities achieved semi-annual net profit exceeding 10 billion yuan for the first half of the year. It is estimated that net profit to mother will reach 10 billion yuan to 11 billion yuan, a year-on-year increase of 93% to 112%; CICC predicts net profit for the first half of the year Profit 77.08 100 million yuan to 8.227 billion yuan, a year-on-year increase of 78% to 90%.
For small to medium brokerage firms. Tianfeng Securities anticipates a year-on-year increase of 429.03% to 693.55% in the first half of the year; many small and medium-sized brokerage firms, such as Xiangcai Co., Ltd., Huachuang Yunxin, Zhongtai Securities, Huaan Securities, Caida Securities, and Huaxi Securities, are forecasting a year-on-year increase in net profit.
Recently, the brokerage sector showed strong resilience in the midst of market fluctuations. Zhongyuan Securities pointed out that although the brokerage index fluctuated in July, the short-term performance was still better than most technology growth indices. The current average P/B of the sector is about 1.26-1.30 times, significantly lower than the historical average of 1.52 times since 2016. Over 60% of individual stock valuations are lower than the industry average, and there is room for valuation repair in the context of stable equity markets.
Looking ahead to the future market, many analysts are positively optimistic about the performance of brokerage stocks. Luo Huizhou, a non-bank analyst at Huaxi Securities, said that the current allocation of active equity funds to the non-bank sector is still significantly underallocated. As the capital market continues to be active and reforms are deepened, medium- to long-term capital enters the market, and residents' rights are increased, we continue to be optimistic about the allocation value of the non-bank financial sector, which has beta attributes.
Cathay Pacific Haitong Non-Bank analyst Liu Xinqi's team said that due to significant adjustments in the high-valued technology sector recently, investors have switched to undervalued and under-allocated sectors in the early stages. Within the non-banking sector, the insurance sector, which is undervalued and seriously underrated, has benefited as a result. In the subsequent process of rebalancing the market style, the brokerage sector, whose performance exceeds expectations and is undervalued, will usher in valuation repair opportunities. We are optimistic about investment opportunities in leading brokerage stocks whose performance continues to exceed expectations but valuations are still at the bottom.
Related concept stocks:
GF Securities (01776): GF Securities (01776) issued an announcement that the capital market will maintain a good development trend in the first half of 2026. The company firmly implements the overall policy of high-quality development, closely follows the new requirements of the “15th Five-Year Plan”, anchors the direction of first-class investment bank construction, maintains strategic strength, enhances the comprehensive customer service level throughout the chain and cycle, enhances commercialization capabilities, deepens international layout, and enhances the effectiveness of refined management. In the first half of 2026, revenue from the company's wealth management, trading and institutional, investment management and investment banking businesses all increased year-on-year. The company expects to achieve net profit attributable to shareholders of listed companies of RMB 11 billion to RMB 12 billion, an increase of 70% to 85% over the previous year.
CICC Corporation (03908): CICC Corporation (03908) announced that as of June 30, 2026, CICC Wealth had total assets of about RMB 250,118 billion (RMB, same below), with net assets of about RMB 30.212 billion; from January to June 2026, it achieved operating income of approximately RMB 6.139 billion (of which: net income from handling fees and commissions was approximately RMB 3,642.5 billion, net income from interest of about RMB 1,176 million, investment income of about RMB 855 million, revenue from fair value changes of approximately RMB 429 million), with operating expenses of approximately RMB 2,914 million and operating profit of approximately RMB 429 million. 3.225 billion yuan, total profit of about 3,227 billion yuan, net profit of about 2,387 billion yuan.
CITIC Securities (06030): CITIC Securities (06030) announced that as of June 30, 2026, Huaxia Fund had total assets of RMB 23.093 billion and total liabilities of RMB 7.728 billion; in the first half of 2026, it achieved operating income of RMB 5.708 billion, net profit of RMB 1,413 billion, and total comprehensive income of RMB 1,368 billion. As of June 30, 2026, Huaxia Fund's parent company managed assets of RMB 2,907.998 billion.
CITIC Construction Investment Securities (06066): CITIC Construction Investment Securities (06066) issued an announcement. According to preliminary estimates by the finance department, it is expected to achieve net profit attributable to shareholders of the parent company of RMB 7.214 billion to RMB 8.116 billion in the semi-year 2026, an increase of RMB 2,705 billion to RMB 3.67 billion compared with the same period last year, an increase of 60% to 80% over the previous year. According to preliminary estimates by the finance department, net profit attributable to shareholders of the parent company after deducting non-recurring profit and loss is expected to be RMB 7.339 billion to RMB 8.241 billion for the first half year of 2026, an increase of RMB 2,868 billion to RMB 3,770 billion compared with the same period last year, an increase of 64% to 84% over the previous year.