On the morning of April 16, driven by the positive catalyst from the first quarter report of the leading brokerage CICC, the securities and fintech sectors strengthened. As of 9:45, the Securities ETF Hwabao (515010) rose by 0.81%, with constituent stocks collectively gaining, led by First Capital up 2.84%, CICC up 1.55%, and stocks such as Guotai Securities, Guosen Securities, and Huatai Securities also strengthening. The fintech ETF Hwabao (516100) rose by 0.66%.
On April 15, CICC announced that it expects to achieve a net profit attributable to shareholders of 3.369 billion to 3.88 billion yuan in the first quarter of 2026, an increase of 65% to 90% year-on-year. There is also a good performance compared to the previous quarter, as the net profit for the fourth quarter of 2025 was 3.224 billion yuan, indicating that the net profit for this quarter is expected to increase by 4.5% to 2.035 billion yuan quarter-on-quarter.
Liu Xinqi, chief analyst of non-bank financials at Guotai Junan Securities, published a research report stating that the adjusted operating income of 42 listed brokerages in the first quarter is expected to increase by 31% year-on-year to 149.6 billion yuan, and the net profit attributable to shareholders is expected to increase by 17% year-on-year to 60.9 billion yuan. After excluding large non-recurring gains and losses from the same period last year, the net profit attributable to shareholders is expected to increase by 39% year-on-year.
Tian Liang, chief analyst of the financial industry at CITIC Securities, pointed out that the current PB and PE valuations of the brokerage sector are both below the 20th percentile of the past decade, providing a high margin of safety for allocation. The continued activity in fundamentals, policies, and themes is expected to be a core driving factor for the recovery of valuations.
The Securities ETF Hwabao (515010, Connect 007992/007993/023766) closely tracks the CSI All Share Investment Banking &amp; Brokerage Index. As of March 31, 2026, the top ten weighted stocks in the index are Dongfang Caifu, CITIC Securities, Guotai Haitong, Huatai Securities, China Merchants Securities, GF Securities, Dongfang Securities, Shenwan Hongyuan, Industrial Securities, and CICC, with the top ten weighted stocks accounting for a total of 59.35%

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601995

512000

515010

512880

159842

CICC expects that the net profit attributable to shareholders in the first quarter of 2026 will increase by 65% to 90% year-on-year, triggering a rise in the securities and fintech sectors. The securities ETF Hwabao (515010) rose by 0.81%, with holdings generally strengthening. Guotai Junan Securities analysts expect that the operating income of 42 listed securities firms will increase by 31% year-on-year in the first quarter. CITIC Securities analysts pointed out that the valuation of the brokerage sector is at a near ten-year low, and the fundamentals and policies are expected to drive a valuation rebound in the future

腾讯新闻 - 财经

CICC

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

ChinaAMC CSI All Share Investment Banking & Brokerage ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

FCSC

GUOSEN SECURITIES

Guotai Haitong

GTHT

HTSC

ChinaAMC CSI Financials Theme ETF

CITIC Securities Co., Ltd.

CITIC SEC

EASTMONEY

CMSC

GF SECURITIES

GF SEC

DFZQ

Shenwan Hongyuan

SWHY

INDUSTRIAL SECURITIES

中证全指

Huatai Securities Co., Ltd. GDR Class A RegS

SWHYHK

CICC's net profit increased by more than 60% year-on-year, and the securities ETF with the lowest track fee, ChinaAMC, rose by 0.88%, which may continue to benefit from performance realization