KPMG: China’s 150 Securities Firms Post 31% Revenue Growth in H1 2026

The gap between 31% revenue growth and 23% profit growth suggests costs or provisions are absorbing part of the top-line surge, even as every major business line expands. That proprietary trading remains the largest revenue source is the structural point: China's brokers are still most levered to their own balance-sheet positioning rather than to client-driven fee businesses. Whether asset management and investment banking can narrow that dependence is the question worth tracking into the next reporting period.