According to a research report released by GF Securities, the CR5 share of brokers' net profit in the first three quarters of 2026 reached 50%, an increase of 4 pcts over the end of '25. The total investment business revenue of 42 listed brokerage firms in the first three quarters of 2026 was 195.5 billion yuan, +6% over the same period last year. Underestimated and underrated, it has both safety properties and room for improvement. Corporate profit recovery supports the moderate recovery of the capital market, internationalization opens up a second growth curve, and industry regulatory policies continue to be optimized. The Q3 market fluctuated, brokers' profit differentiation increased, and science and innovation attributes increased profit elasticity.

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