Net profit may increase by up to 90%! CICC’s net profit in the first half of 2026 may exceed 8 billion yuan.
```
The announcements of significant performance increases by securities firms continue!
On the evening of July 8, China International Capital Corporation Limited (hereinafter referred to as CICC) released a “strong” 2026 half-year performance forecast.
The announcement shows that CICC’s net profit attributable to shareholders of the parent company for the first half of 2026 is expected to reach 7.708 billion to 8.227 billion RMB, representing a substantial increase of 78% to 90% compared to the same period last year.
This growth rate continues the momentum of high growth in the half-year performance of leading securities firms, and also marks a comprehensive elevation of CICC’s profitability center for the year.
Non-recurring profit and attributable net profit are consistent
CICC’s explosive performance this time is based on a historically high base, and the quality of profit is relatively high.
The performance forecast shows that CICC is expected to achieve attributable net profit of 7.708 billion to 8.227 billion RMB in the first half of the year, an increase of 78% to 90% year-on-year compared to the half-year of 2025 (hereinafter referred to as “last year’s same period”). In the same period, non-recurring attributable net profit is expected to reach 7.552 billion to 8.062 billion RMB, up 78% to 90% year-on-year.
The growth rates of non-recurring net profit and attributable net profit are highly consistent, indicating that this surge in performance is not dependent on one-off gains such as asset disposals or government subsidies, but is instead driven by substantial improvement and expansion of main business operations.
Core business synergy
Regarding this unexpected “report card,” CICC briefly mentioned the reasons in the announcement.
CICC said it bases itself on the main responsibilities and business of state-owned financial institutions, closely follows the deployment of capital market deepening reform policies, adheres to compliance and prudent operations, and fully serves the real economy and the strategy of building a strong nation through technology.
During the reporting period, the company’s core businesses in investment banking, equities, wealth management, and other "six pillars" worked together, with international business also seeing significant growth, boosting overall operating performance.
Securities industry business climate picks up across the board
A research report by GF Securities believes that in the first half of this year the securities industry benefited from the warming of both primary and secondary markets, with business climate improving across the board.
On one hand, capital market activity continued to rise in the first half, and the scale of new asset management products expanded. By the end of June, the average daily turnover in A-share markets increased by 89% year-on-year, with January, May, and June each seeing more than double growth, and margin balance reaching 3 trillion RMB, up 62% year-on-year.
On the other hand, the scale of A-share IPOs in 2026 increased by 86% year-on-year, securities firms’ bond financing increased by 14% year-on-year, with leading securities firms standing out.
Technology-driven and international transformation
GF Securities also highlighted the role of technology-driven and international transformation in leading securities firms’ performance.
They believe that securities firms have capital elasticity potential in tech industry transformation, and policy optimization and market improvements are pushing the investment banking and capitalization businesses to rebound, still in its early stages.
They especially noted that the rebound in securities firms’ investment banking businesses not only comes from one-off underwriting and sponsorship fees, but also more notable capitalization gains. Primary investment at securities firms has formed a “private fund raising + alternative subsidiary co-investment/direct investment” dual-track model. Looking at sponsorship and co-investment in the dual-innovation sector, this year securities firms’ floating gains from co-investment on the Sci-Tech Innovation Board already reach 6.6 billion RMB, far exceeding the total from 2022 to 2025.
Moreover, most of these floating gains are contributed by eight leading securities firms, with concentration significantly increasing. Private equity fund raising, investment, management and exit have all started to rebound. Alternative subsidiaries use their own funds to invest, better serving and binding quality enterprises and seizing growth opportunities in emerging industries; the proportion of direct investment still has room to rise in the future.
In addition, the deepened internationalization of leading securities firms will also drive performance. Chinese securities firms’ international subsidiaries generally have much higher leverage than domestic ones, and leading firms, represented by equity derivatives and FICC, use capital-intensive business to drive high leverage and high profitability, potentially becoming the core business for long-term growth with relatively controllable risk exposure.
Risk Disclosure and DisclaimerThe market has risks; investing requires caution. This article does not constitute individual investment advice, nor does it consider the specific investment objectives, financial situation, or needs of any particular user. Users should consider whether any opinions, views, or conclusions herein fit their specific situation. Investing accordingly is at your own risk. ```