Zheshang Securities reports first-half 2026 net profit of 1.611 billion yuan, up 40.21% year on year
Zheshang Securities released its 2026 interim report, with total operating revenue of 5.703 billion yuan, up 49.33% year on year, and net profit attributable to the parent of 1.611 billion yuan, up 40.21% year on year, marking a second consecutive year of growth. Net cash inflow from operating activities was 15.639 billion yuan, an increase of 16.656 billion yuan year on year, also growing for a second straight year. The company's asset-liability ratio was 82.36%, return on equity was 4.29%, up 1.09 percentage points from the same period last year, and diluted earnings per share was 0.36 yuan, up 44% year on year. The number of shareholders was 144,100, and the top ten shareholders held 56.32% of total share capital.
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Caida Securities to relaunch alternative investment subsidiary with 250 million yuan
The board of Caida Securities has approved a proposal to establish a wholly owned alternative investment subsidiary, Caida Innovation Investment, in Beijing with 250 million yuan of its own funds. On February 11 this year, the company had just decided to deregister its loss-making former alternative investment subsidiary, Caida Xinrui Investment, with registered capital jumping from 100 million yuan to 250 million yuan, completing a full reset of its alternative investment business within half a year. The newly established Caida Innovation has registered capital of 250 million yuan, fully funded by Caida Securities with 100 percent of its own capital, and will have a board of directors, a chairman, a general manager and a deputy general manager, though final implementation still requires approval from the China Securities Regulatory Commission. The company said it will closely follow the five major financial articles, respond to the policy direction of investing early, investing small and investing in hard technology, and focus on serving the coordinated development of the Beijing-Tianjin-Hebei region and the construction of the Xiongan New Area. Since 2026, Zheshang Securities has planned to inject 1 billion yuan into its alternative investment subsidiary Zheshang Investment, and Tibet Oriental Wealth Innovation Capital under East Money has increased its registered capital from 500 million yuan to 1 billion yuan. Across the industry, 85 securities firms' parent companies have already set up alternative investment subsidiaries, accounting for more than 80 percent. In 2025, the combined net profit of alternative investment subsidiaries across the securities industry reached 9.3 billion yuan, with leading institutions holding an absolute dominant position. The alternative investment subsidiaries under Guotai Haitong and CITIC Securities each posted net profit exceeding 1 billion yuan. Alternative investment subsidiaries have become a key hub for securities firms' three-investment linkage business model and the wealth effect of STAR Market co-investment. Statistics from Soochow Securities show that since the co-investment system was implemented in 2019, securities firms have cumulatively invested nearly 35 billion yuan in STAR Market co-investments, and as of the end of the first half of 2026, the corresponding market value held was nearly 100 billion yuan. Changxin Technology closed at 49 yuan on its first day of listing on July 27, with a market value of about 3.28 trillion yuan. CICC Wealth under CICC and CITIC Construction Investment, the alternative investment subsidiary of China Securities, each co-invested 1 billion yuan and were allocated about 115 million shares. Based on the first-day closing price, each firm's co-investment market value was about 5.66 billion yuan, with a floating profit of about 4.66 billion yuan, and the two firms' combined floating profit exceeded 9.2 billion yuan.
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Innovative Drug Themed ETFs Attract Over 14.1 Billion Yuan in a Month, Sci-Tech Innovation Board Healthcare ETF Sees Six Consecutive Days of Net Inflows
As of July 29, 2026, the Shanghai Stock Exchange STAR Board Biomedical Index rose 0.94%, and the Sci-Tech Innovation Board Healthcare ETF gained 0.70%. The ETF has seen net capital inflows for six consecutive days, totaling 107 million yuan. Looking at a broader picture, from July 1 to July 27, innovative drug themed ETFs recorded total net inflows of 14.162 billion yuan. Zheshang Securities noted that China's innovative drugs have entered the 3.0 era marked by global competition and value realization. As of June 2026, the total value of license-out deals by Chinese pharmaceutical companies reached approximately 110 billion US dollars, already 80% of the full-year total for 2025, setting a new historical high.
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Nearly 70 Shanghai-Listed Companies Release Positive Signals in Two Days
From July 23 to 24, a number of Shanghai-listed companies released positive news covering share buybacks and stake increases, upbeat earnings reports, improving operations, and interim dividends. In terms of buybacks and stake increases, 10 companies announced new buyback plans over the two days, with a combined proposed buyback cap of 1.89 billion yuan; 5 companies announced new stake increase plans, with a combined proposed increase cap of 351 million yuan. On the earnings front, about 15 Shanghai-listed companies issued positive half-year earnings reports. Among them, Orient Securities reported a 30.46% year-on-year rise in first-half net profit attributable to the parent company, EZVIZ Network grew 35.44%, and SINOMED is expected to surge 263.66%. Another three companies, including Minmetals New Energy, turned losses into profits. At the operational level, Weiming Environment Protection's subsidiary waste treatment projects saw cumulative power generation rise 8.96% year-on-year in the first half. Changhua Group received a designated development notice from a domestic new energy vehicle maker, with an estimated total sales value of about 740 million yuan over the product lifecycle. Pudong Construction saw multiple subsidiaries win major projects, with a total bid value of approximately 1.5 billion yuan. Regarding interim dividends, four Shanghai-listed companies—China Southern Power Grid Energy Storage, Zheshang Securities, China Southern Power Grid Technology, and Jinpan Technology—received interim dividend proposals or released interim dividend distribution plans. Zheshang Securities stated that its interim dividend payout ratio for this year will be no lower than its 2025 interim ratio, while Jinpan Technology's dividend amount will be no less than 30% of net profit attributable to shareholders of the listed company in the first half of 2026.
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Huachuang Yunxin Plans Up to 200 Million Yuan Buyback, Becoming Sixth Shanghai-Listed Broker to Support Shares
Huachuang Yunxin disclosed a share buyback plan to support its stock price, proposing to repurchase between 100 million and 200 million yuan within three months, making it the sixth Shanghai-listed brokerage to announce a buyback plan since June. Within the past week, five brokerages—Huaan Securities, Guolian Minsheng, Hongta Securities, Zhongtai Securities, and Huachuang Yunxin—successively released buyback plans. Together with Guojin Securities from early June, the total proposed buyback and shareholding increase cap for Shanghai-listed brokerages amounts to no more than 1.26 billion yuan, with most funds earmarked for cancellation or price support. Huaan Securities plans to buy back between 100 million and 200 million yuan, Guolian Minsheng between 100 million and 200 million yuan, Hongta Securities between 50 million and 100 million yuan all for capital reduction, Zhongtai Securities between 100 million and 200 million yuan for capital reduction, and Guojin Securities between 150 million and 300 million yuan. Additionally, a major shareholder of Industrial Securities plans to increase holdings by between 30 million and 60 million yuan, and both Industrial Securities and Zheshang Securities have proposed interim dividend plans.
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Broker bond issuance tops 1.35 trillion yuan this year, doubling year-on-year, as leading players seize M&A capital advantage
As of July 15, 73 securities firms have issued a combined total of more than 1.35 trillion yuan in onshore bonds since the start of 2026, a year-on-year increase of over 96%. Recently, a number of listed brokers including China Merchants Securities, GF Securities, Guolian Minsheng, Soochow Securities, and Zhongtai Securities have received intensive approvals from the China Securities Regulatory Commission to issue large corporate bonds, while Shenwan Hongyuan obtained registration approval for perpetual subordinated bonds in July. In a low interest rate environment, enthusiasm for broker bond subscriptions is running high. Taking China Galaxy Securities as an example, the first tranche of its fifth corporate bond issue carried a coupon rate of 1.60% with a subscription multiple of 3.8722 times, while the second tranche had a coupon rate of 1.67% and a subscription multiple of 3.165 times. At the same time, the credit ratings of bonds issued by several brokers, including Northeast Securities, Great Wall Securities, Huaan Securities, and Zheshang Securities, have been upgraded from AA+ to AAA. Fitch also raised the long-term issuer default ratings of CICC and CICC International from BBB+ to A-. Analysts point out that this surge in bond issuance is not only about capital replenishment, but also serves as strategic capital support amid a wave of mergers and acquisitions. Leading institutions are using bond financing to pre-position M&A capital in advance, forming a chain of integration, bond issuance, and further expansion, while small and medium-sized brokers face increasing pressure from financing difficulties.
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