Zhongtai Securities Co., Ltd. is a securities company in China offering wealth management and capital intermediary services. Its services include margin trading, securities lending, repurchase agreements, equity incentive financing, asset management, custody, and fund services. The company also provides equity and bond financing, asset securitization, mergers and acquisitions advisory, research, and proprietary investment, market making, and OTC derivatives. It operates platforms such as XTP, Zhongtai Qifutong, SmartX, Shangyuan, and FundConnect. Formerly known as Qilu Securities Co., Ltd., it was founded in 2001 and is headquartered in Jinan, China.
Zhongtai's profit doubles as buyback and industry tailwinds lift shares
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First-half profit more than doubles, Q2 surges Zhongtai reported first-half net profit of 1.752 billion yuan, up 146.38% from a year earlier, with second-quarter profit jumping 173% from the first quarter. The surge came from a stronger stock market boosting wealth management and trading revenue, directly lifting the company's earnings power and share price.
This is the core new fundamental result that answers why the stock is moving now.
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Company plans 100-200 million yuan share buyback Zhongtai announced it will buy back 100 million to 200 million yuan of its own shares at up to 8.4 yuan each, cancelling the shares to reduce registered capital. This shrinks the number of shares outstanding and signals management believes the stock is undervalued, supporting the price.
The buyback is a new capital action that directly affects share count and investor confidence.
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Brokerage industry earnings boom and bond financing wave Across listed brokers, 20 of 21 reporting firms posted positive first-half forecasts, with A-share trading volume up 95% year-on-year. Zhongtai also won approval to issue large corporate bonds, giving it cheap capital to fund growth. Industry-wide strength and easy funding lift all brokers, including Zhongtai.
This explains the broader sector forces behind Zhongtai's profit jump and its ability to raise capital.
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State-backed market stabilization supports share prices Regulators and state institutions pledged to stabilize the stock market, with insurers, funds and state platforms buying shares and ETFs. Zhongtai's chairman proposed a buyback as part of this effort. A rising market boosts brokerage trading and investment income, helping Zhongtai's stock.
This policy and capital-flow backdrop is a key external driver lifting brokerage shares.
Q3 2026
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Zhongtai's profit doubles as buyback and industry tailwinds lift shares
▲
First-half profit more than doubles, Q2 surges Zhongtai reported first-half net profit of 1.752 billion yuan, up 146.38% from a year earlier, with second-quarter profit jumping 173% from the first quarter. The surge came from a stronger stock market boosting wealth management and trading revenue, directly lifting the company's earnings power and share price.
This is the core new fundamental result that answers why the stock is moving now.
▲
Company plans 100-200 million yuan share buyback Zhongtai announced it will buy back 100 million to 200 million yuan of its own shares at up to 8.4 yuan each, cancelling the shares to reduce registered capital. This shrinks the number of shares outstanding and signals management believes the stock is undervalued, supporting the price.
The buyback is a new capital action that directly affects share count and investor confidence.
▲
Brokerage industry earnings boom and bond financing wave Across listed brokers, 20 of 21 reporting firms posted positive first-half forecasts, with A-share trading volume up 95% year-on-year. Zhongtai also won approval to issue large corporate bonds, giving it cheap capital to fund growth. Industry-wide strength and easy funding lift all brokers, including Zhongtai.
This explains the broader sector forces behind Zhongtai's profit jump and its ability to raise capital.
▲
State-backed market stabilization supports share prices Regulators and state institutions pledged to stabilize the stock market, with insurers, funds and state platforms buying shares and ETFs. Zhongtai's chairman proposed a buyback as part of this effort. A rising market boosts brokerage trading and investment income, helping Zhongtai's stock.
This policy and capital-flow backdrop is a key external driver lifting brokerage shares.
News & notes moving600918.CG
China
600918.CG▲4
Zhongtai Securities reports first-half 2026 net profit of 1.752 billion yuan, up 146.38% year on year
Zhongtai Securities released its 2026 interim report, with net profit attributable to the parent company of 1.752 billion yuan, an increase of 1.041 billion yuan from the same period last year, up 146.38% year on year. The company's total operating revenue was 7.537 billion yuan, an increase of 2.385 billion yuan from the same period last year, up 46.30% year on year, achieving growth for two consecutive years. Net cash inflow from operating activities was 5.446 billion yuan, up 34.63% year on year. The company's latest asset-liability ratio was 82.25%, and its latest return on equity was 3.51%, an increase of 1.85 percentage points from the same period last year. Diluted earnings per share were 0.21 yuan, up 133.33% year on year.
Multiple listed companies disclose half-year reports; Zhongji Innolight net profit up 241.7%
On the evening of August 21, multiple listed companies on the Shanghai and Shenzhen stock exchanges released positive announcements. Zhongji Innolight achieved operating revenue of 41.778 billion yuan in the first half of the year, up 182.49% year on year, with net profit attributable to the parent company of 13.651 billion yuan, up 241.7%, and plans to distribute a cash dividend of 12 yuan per 10 shares. Yangtze Optical Fibre and Cable reported net profit attributable to the parent company of 2.925 billion yuan in the first half, up 888.88%, and plans to distribute 10.6 yuan per 10 shares. Dongshan Precision reported net profit attributable to the parent company of 2.957 billion yuan in the first half, up 290.09%. Zijin Mining reported net profit attributable to the parent company of 39.17 billion yuan in the first half, up 68.17%, and plans to distribute 4.2 yuan per 10 shares. Zhongtai Securities reported net profit attributable to the parent company of 1.752 billion yuan in the first half, up 146.38%, and plans to repurchase shares worth 100 million to 200 million yuan. Changcun Holdings achieved operating revenue of 47.042 billion yuan and net profit attributable to the parent company of 33.379 billion yuan from January to March 2026, and its STAR Market IPO review status has been changed to accepted, with a planned fundraising amount of 33 billion yuan. Changxin Bochuang reported net profit attributable to the parent company of 321 million yuan in the first half, up 91.08%.
Zhongtai Securities Hunan Branch Suspended from Opening New Securities Accounts for Three Months
Zhongtai Securities Hunan Branch has been suspended from opening new securities accounts for three months by the Hunan Securities Regulatory Bureau due to multiple violations. During this period, all its business offices in the province are prohibited from adding new brokerage clients. According to the administrative regulatory measures decision disclosed by the Hunan Securities Regulatory Bureau, the branch exposed five core compliance issues: failure of key position checks and balances and internal control mechanisms, inadequate management of account real-name registration, insufficient verification and record-keeping of abnormal trading in investor accounts, inadequate investor suitability management, and marketing incentives directly linked to account opening numbers. The Hunan Securities Regulatory Bureau decided to order Zhongtai Securities Hunan Branch to rectify the issues, suspend new securities account openings for three months, and instruct the company to discipline relevant personnel. In addition, Wang Bo, while serving as head of Zhongtai Securities Hunan Branch and Wuyi Avenue Business Office, and Zhao Jianhui, while serving as head of Zhongtai Securities Yongzhou Qingqiao Road Business Office, circumvented internal management rules by using broker identities to attach clients and extract commission rebates and business rewards. Both were issued warning letters. This penalty is not the branch's first violation; in February 2024, it was issued a warning letter for promoting non-distributed private fund products and other issues. Zhongtai Securities achieved operating revenue of 11.39 billion yuan in 2025, up 17.58 percent year on year, with net profit attributable to the parent company of 1.435 billion yuan, a sharp increase of 53.07 percent year on year. However, as of August 17, its stock price closed at 5.57 yuan, falling below its net asset value per share of 5.64 yuan.
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.
600909.CG · Capital · Positive Announced buyback plan of 100-200 million yuan for price support.
600918.CG · Capital · Positive Announced buyback plan of 100-200 million yuan for capital reduction.
601236.CG · Capital · Positive Announced buyback plan of 50-100 million yuan for capital reduction.
601456.CG · Capital · Positive Announced buyback plan of 100-200 million yuan for price support.
601377.CG · Capital · Positive Major shareholder plans to increase holdings by 30-60 million yuan and proposed interim dividend.
601878.CG · Capital · Positive Zheshang Securities proposed an interim dividend plan, which is a capital allocation move supporting shareholder returns.
Changjiang Securities joins share buyback wave, five brokerages announce plans this week with combined upper limit of 900 million yuan
Changjiang Securities has become the fifth listed brokerage this week to unveil a share buyback plan. On the evening of July 22, Changjiang Securities announced it had received a proposal from Chairman Liu Zhengbin to repurchase A-shares using 100 million to 200 million yuan of its own funds. The move came after the company's share price fell by a cumulative 20.87 percent over 13 consecutive trading days from July 1 to 17, triggering conditions set out in Shenzhen Stock Exchange buyback guidelines. The repurchased shares will also be used for future employee stock ownership plans or equity incentives. Earlier this week, Guolian Minsheng Securities, Huaan Securities, Zhongtai Securities, and Hongta Securities had already disclosed buyback plans. The five brokerages' proposed repurchase amounts have a combined lower limit of 350 million yuan and an upper limit of 900 million yuan. This round of intensive buybacks by brokerages comes as industry earnings continue to recover, with many institutions optimistic that improving fundamentals and expectations of valuation repair in the brokerage sector will resonate with each other.
National team accelerates deployment as insurers, brokerages, and funds enter the market to stabilize A-shares
China Securities Regulatory Commission Chairman Wu Qing stated on July 20 that all efforts will be made to maintain stable market operations. On the same day, the three major A-share indices rallied sharply in late trading, with the Shanghai Composite Index and the ChiNext Index turning positive and the STAR Composite Index narrowing its losses. Over 3,700 stocks across the market declined, with total turnover reaching 2.7 trillion yuan, an increase of 47.2 billion yuan from the previous trading day. Full-day turnover of broad-based ETFs rose to 154.051 billion yuan, with three core products—the STAR 50 ETF from China Asset Management, the ChiNext ETF from E Fund, and the CSI 300 ETF from Huatai-PineBridge—together exceeding 61.4 billion yuan in turnover. Several central enterprises announced share increase and buyback plans. Three leading insurance institutions—PICC, China Pacific Insurance, and Ping An—successively expressed support for capital market development, while local state-owned capital platforms also joined the market stabilization efforts. The chairmen of Zhongtai Securities and Hongta Securities proposed share buybacks, and Bosera Funds announced it would invest 50 million yuan of its own capital in its equity public funds. Multiple listed companies disclosed interim dividend plans. Chang'an Huitong Group announced it had increased its holdings in several provincial state-owned listed companies through the secondary market and will continue to do so. Industry analysis suggests that broad-based ETFs saw inflows of 200 billion yuan over the past week, a record weekly high, and that market stabilization and a turnaround are not far off. The AI industry's prosperity remains intact, and after the correction, the market will return to a trajectory driven by earnings per share.
600918.CG · Capital · Positive Chairman proposed share buyback, signaling confidence and supporting stock price.
601236.CG · Capital · Positive Chairman proposed share buyback, signaling confidence and supporting stock price.
601318.CG · · Positive Expressed support for capital market development, part of national team stabilization effort.
601319.CG · · Positive Expressed support for capital market development, part of national team stabilization effort.
601601.CG · · Positive Expressed support for capital market development, part of national team stabilization effort.
Bosera Asset Management Co., Ltd. · Capital · Positive Bosera Funds announced it will invest 50 million yuan of its own capital in its equity public funds, a capital deployment supporting market stability.
Zhongtai Securities Chairman Proposes Share Buyback of 100 Million to 200 Million Yuan
Zhongtai Securities announced that Chairman Wang Hong has proposed the company buy back shares worth 100 million to 200 million yuan, to reduce the company's registered capital, optimize its capital structure, and enhance shareholder value.
Insurers, brokers, and mutual funds step in to support the market; multiple listed companies announce interim dividend plans
China Pacific Insurance, Ping An Insurance, and other insurers have stated they will increase equity allocations and act as patient capital. Zhongtai Securities and Hongta Securities announced share buyback plans, while Bosera Funds declared it will invest 50 million yuan in equity funds. Meanwhile, multiple listed companies including Flush, Chint Electrics, Hikvision, Juhua Group, and Shanghai Airport announced interim dividend plans. China Pacific Insurance said it will continue investing in stocks and ETFs in sectors such as technology growth, consumer, and new energy. Ping An Insurance stated it will boost investment in strategic emerging industries and advanced manufacturing. Zhongtai Securities plans to buy back shares worth 100 million to 200 million yuan, and Hongta Securities plans to buy back shares worth 50 million to 100 million yuan. Flush plans a cash dividend of 2 yuan per 10 shares, Chint Electrics plans 0.5 yuan per 10 shares, Hikvision plans 5.50 yuan per 10 shares, Juhua Group plans 2.20 yuan per 10 shares, and Shanghai Airport's controlling shareholder proposed raising the 2026 interim cash dividend payout ratio to around 55 percent.
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.
20 Listed Brokers Report Positive First-Half Earnings Forecasts, CITIC Securities Leads with Net Profit Exceeding 23.3 Billion Yuan
As of July 15, 21 listed brokers have released their 2026 first-half performance forecasts, with 20 reporting positive results. CITIC Securities expects its net profit attributable to shareholders of the parent company to be at least approximately 23.343 billion yuan, continuing to lead listed brokers. Guotai Haitong follows closely, with an estimated net profit of 20.003 billion to 20.511 billion yuan. Huatai Securities, GF Securities, and China Merchants Securities all anticipate net profit floors exceeding 10 billion yuan, at approximately 11.324 billion, 11 billion, and 10 billion yuan respectively. In terms of growth, Tianfeng Securities expects its net profit to increase by 429.03 percent year-on-year, ranking first among brokers that have disclosed forecasts. Additionally, Xiangcai Co., Ltd., Huachuang Yunxin, Zhongtai Securities, and Huaan Securities expect their net profits to double year-on-year. The industry as a whole is improving, with A-share trading volume in the first half of 2026 rising 95 percent year-on-year, and revenue from brokerage, proprietary trading, and other businesses expected to grow significantly.
Sci-Tech Innovation Board Medical ETF Huaxia sees 11 straight days of net inflows, AUM hits near one-year high
The Sci-Tech Innovation Board Medical ETF Huaxia has recorded net inflows for 11 consecutive days, attracting a total of 139 million yuan, with average daily net inflows of 12.6 million yuan. Its latest assets under management reached 249 million yuan, a near one-year high. Data from the National Medical Products Administration shows that in 2025, China approved 76 Class 1 innovative drugs, a new record, but only 4 of the 11 drugs with new targets or mechanisms approved that year were domestically developed. In the first half of 2026, the NMPA approved 38 innovative drugs, and all 11 drugs with new targets or mechanisms were domestically developed, meaning the number of domestically developed innovative drugs with new targets or mechanisms approved in the first half of the year already exceeded the total for all of last year. Zhongtai Securities noted that the pharmaceutical sector is in a phase driven by innovative drugs and the industry chain. The new edition of the National Essential Medicines List for 2026 has for the first time included four domestically developed Class 1 new drugs in the selection scope, expanding the total number of listed varieties to 794, and raising the usage proportion in primary healthcare institutions to 78 percent, providing a broad channel foundation for innovative drug volume growth.
Biotech & Genomic Medicine › Metabolic, Diabetes & Obesity ▲Regulation
600918.CG · Demand · Positive Zhongtai Securities noted the pharmaceutical sector is driven by innovative drugs, which may boost its research coverage and trading activity.
Zhongtai Securities forecasts 146.31% year-on-year rise in first-half 2026 net profit
Zhongtai Securities issued an earnings forecast, estimating net profit attributable to parent company owners for the first half of 2026 at 1.752 billion yuan, a year-on-year increase of 146.31%. The profit growth was mainly driven by a stable and improving capital market in the first half, with year-on-year increases in revenue from wealth management, investment trading and other businesses, leading to a significant overall improvement in operating performance. Net profit for the second quarter is estimated at 1.283 billion yuan, up 173% from 469 million yuan in the first quarter.
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