On August 28th, Guangfa Securities released its 2026 semi annual report. In the first half of the year, the company achieved a revenue of 26.883 billion yuan and a net profit attributable to the parent company of 11.652 billion yuan. 2026 is the starting year of the "15th Five Year Plan", and the company will continue to focus on its main responsibilities and business around doing a good job in the financial "five major articles".

Guangfa Securities has four major business segments: investment banking, wealth management, trading and institutional, and investment management. It has established subsidiaries such as futures, public funds, private equity funds, alternative investments, and asset management. With its unique value concept and pragmatic business style, Guangfa Securities has created a comprehensive and leading business chain with a well-established layout and strong capabilities. Since its establishment 35 years ago, the company has persisted in deepening its cultivation in the Greater Bay Area, expanding its presence nationwide, and expanding overseas. Its main business indicators have consistently ranked among the top of Chinese securities firms for many years.

Anchoring high-quality development, the four major business sectors achieve coordinated and steady growth

During the reporting period, relying on a complete business system and balanced business structure, the company's four core business segments achieved steady growth.

The investment banking business continues to steadily advance. The company adheres to its functional positioning and focuses on deepening its national strategic orientation and emerging industry clusters. By strengthening industrial research, customer coverage, and project reserves, it completed 6 A-share equity financing projects with a lead underwriting amount of 3.578 billion yuan during the reporting period; Completed 6 listings on the New Third Board. As of the end of June 2026, the company, as the lead securities firm, continuously supervised a total of 57 listed companies, of which "specialized, refined, unique and new" enterprises accounted for 77.19%. In terms of debt financing, the company has focused on expanding key regional markets and continuously improving the quality of project practice. During the period, it has completed 430 major credit bond issuances with a lead underwriting amount of 214.264 billion yuan. In terms of financial advisory services, there were 2 control acquisition projects of listed companies with industry and regional influence that were implemented during the period, and 1 ongoing and disclosed asset purchase project of listed companies issuing shares.

The transformation of wealth management continues to deepen. The company firmly fulfills its responsibility as a "manager" of social wealth, strengthens investment and research drive, and promotes the comprehensive transformation of product sales from traditional consignment sales to buyer advisory, asset allocation, and solution driven by research as the core driving force. As of the end of June 2026, the company has over 4900 certified investment advisors; The scale of sales of financial products exceeds 450 billion yuan, an increase of about 22.07% compared to the end of last year; The balance of margin trading and securities lending was 173.475 billion yuan, an increase of 24.82% from the end of the previous year, with a market share of 5.74%. In the first half of 2026, the trading volume of the company's Shanghai and Shenzhen stock funds was 31.85 trillion yuan (bilateral statistics), a year-on-year increase of 110.35%.

The trading and institutional business are steadily improving in quality. During the reporting period, the company achieved good investment performance in both equity and fixed income investments. As a primary trader in over-the-counter derivatives business, the company continues to provide institutional clients with asset allocation and risk management solutions using over-the-counter derivatives as a carrier; The market making business ranks among the top tier, providing market making services for more than 1200 funds and all ETF options on the Shanghai Stock Exchange and Shenzhen Stock Exchange, as well as Shanghai and Shenzhen 300 stock index options and CSI 1000 stock index options on the China International Capital Exchange; A total of 69281 private equity products were issued and traded through the China Securities Interinstitutional Quotation System and the over-the-counter market, with a total scale of 790.239 billion yuan. As of the end of June 2026, the company has 4059 custody products and 4708 fund operation outsourcing service products, ranking fourth in the industry in terms of the scale of non commodity public fund custody (data source: Wind); The wholly-owned subsidiary Guangfa Qianhe focuses on AI infrastructure construction and key industries such as AI+and biomedicine, with a total of 356 investment projects.

Consolidate the advantages of investment management business. In the first half of 2026, the holding subsidiary of the group, Guangfa Fund, and the participating subsidiary, Yifangda Fund, maintained leading investment research capabilities. After excluding monetary funds, the management scale of public funds was 1120.942 billion yuan and 1885.931 billion yuan, respectively, ranking third and first in the industry. The net asset value of the collective asset management plan and special asset management plan of the wholly-owned subsidiary Guangfa Asset Management increased by 4.99% and 8.23% respectively compared to the end of 2025; The wholly-owned subsidiary Guangfa Futures Management has a total of 85 asset management plans, with a total asset management scale of 5.972 billion yuan; Guangfa Xinde, a wholly-owned private equity fund subsidiary, focuses on laying out tracks such as artificial intelligence, robotics, biomedicine, intelligent manufacturing, new energy, and enterprise services. As of the end of June 2026, the total paid in scale of managed funds exceeds 19 billion yuan.

Refining comprehensive financial service capabilities, reshaping the new ecosystem of financial services with "AI+"

Guangfa Securities adheres to the principle of putting investors first, continuously improving the quality and efficiency of its services to different customer groups such as individual investors, institutional clients, and corporate clients by polishing its comprehensive financial service capabilities throughout the entire business chain and lifecycle.

For individual investors, the company has always adhered to the "customer-centric" business philosophy, steadfastly promoted the transformation of buyer side investment advisory, and strengthened its ability to allocate diversified assets; Synchronize the exploration of online scale customer acquisition paths, deepen the expansion of institutional and corporate customer groups, optimize transactional customer services, actively embrace AI technology changes, improve business efficiency, explore new and efficient customer service models, serve the growth of residents' property income, and help promote high-quality economic and social development.As of the end of June 2026, the company has 358 branches and business departments across the country, covering 31 provinces, autonomous regions, and municipalities directly under the central government, providing solid network support for efficient outreach and customer service.

In terms of institutional customer service, the company promotes the digitalization of research business, closely tracks cutting-edge technologies and demand changes, continuously enriches the application of AI intelligent investment research functions, and empowers diversified internal and external needs. As of the end of June 2026, the group's stock research covers 28 industries in China, 894 A-share listed companies, and 261 overseas listed companies. The company closely follows the main line of Chinese path to modernization construction, focuses on the development direction of new quality productivity, assists in the deep integration of scientific and technological innovation and industrial innovation, successfully holds large-scale investment strategy meetings such as "new growth opportunities, new asset narrative", "dialogue leader", and builds an exchange platform between listed companies and institutional investors; At the same time, we will continue to deepen our cultivation around core tracks such as the AI+industry chain, further enhancing our industrial and market influence.

In terms of enterprise customer service, the company is accelerating its digital transformation and the construction of an intelligent risk control system, empowering business quality, efficiency, and comprehensive risk management with technology. During the reporting period, the company focused on expanding key regional markets, promoting the construction of an AI intelligent bond system, continuously improving the quality of project practice, and consolidating the foundation of compliant practice. At the same time, the company closely follows the national major strategic directions of technological innovation, green and low-carbon, and actively promotes the issuance of various innovative bonds. In the first half of 2026, the company will lead the underwriting of 68 issues of various types of technology innovation bonds, with an underwriting amount of 20.372 billion yuan; Lead underwriting of 15 issues of low-carbon transformation and green bonds of various varieties, with an underwriting amount of 6.111 billion yuan; Lead underwriting of 4 rural revitalization bonds with an underwriting amount of 2.421 billion yuan, serving the implementation of national strategies through practical actions.

In addition, the group continues to deepen its research driven development model and strengthen research on capital markets and regional economies. The company's industrial research institute continues to build an integrated ecosystem of industry, academia, research, investment, and finance, focusing on core tracks to deepen industrial research. By continuously hiring scientific consultants to lead the upgrading of industrial cognition, integrating multiple resources to build a collaborative platform, and using finance to empower the efficient transformation of scientific and technological achievements into real production capacity, it helps the science and technology innovation economy and empowers the high-quality development of the company's business. The Industry Research Institute also actively participates in the construction of the first batch of comprehensive key research bases of the China Capital Market Society, contributing wisdom and strength to deepening the comprehensive reform of both investment and financing ends and improving the inclusiveness and adaptability of the system.

Deepening the integration strategy both domestically and internationally, accelerating the release of international business momentum

Based on the new development pattern, Guangfa Securities implements the deployment of the "15th Five Year Plan", continuously deepens the integration of domestic and foreign layout, and focuses on promoting the construction of the "One Guangfa" business model. During the reporting period, the group anchored its international development goals, continuously expanded the breadth of overseas research business coverage, and improved the quality of research expertise; Landing multiple benchmark projects in the Hong Kong stock market, comprehensively upgrading cross-border comprehensive service capabilities, and efficiently assisting Chinese enterprises in expanding their overseas presence.

In terms of overseas equity financing, the company has completed a total of 11 overseas equity financing projects during the reporting period, including 9 Hong Kong IPO projects and 2 Hong Kong refinancing projects, with an issuance scale of HKD 45.814 billion; According to the calculation based on the average distribution of the total issuance scale of IPO and refinancing projects among all underwriters, the equity financing business of Chinese securities companies ranks fifth in the Hong Kong market (data source: Dealogic, company statistics); The Chinese funded foreign debt business has completed a total of 23 issuance projects with an underwriting amount of HKD 32.724 billion.

In terms of overseas wealth management, the company has continued to enrich its product offerings, optimize its customer structure, and steadily promote the transformation and upgrading of its wealth management business. During the reporting period, the company's revenue scale, custody asset scale, and product retention scale have all continued to increase; Guangfa Futures' international business is advancing in depth, and its overseas subsidiaries have achieved year-on-year growth in consolidated operating revenue and net profit. Its subsidiary Guangfa Futures (Hong Kong) has been awarded the title of Model Chinese Futures Merchant, Best Broker (Currency Futures), and Outstanding Participant (Hang Seng Biotechnology Index) by the Hong Kong Stock Exchange in 2025.

In terms of overseas investment management, Guangfa Holdings (Hong Kong), a wholly-owned subsidiary of the group, is one of the first Chinese financial institutions in Hong Kong to obtain RQFII qualifications. Its subsidiary Guangfa Investment (Hong Kong) manages four equity investment fund products, focusing on high-end manufacturing TMT、 We have invested in core areas such as consumer goods and biomedicine, and some projects have successfully exited through mergers and acquisitions or been listed on stock exchanges in Hong Kong, the United States, and other regions.

In 2026, the comprehensive deepening of capital market reform, the continuous consolidation of endogenous stability mechanisms, and the steady expansion of high-level institutional two-way opening up. GF Securities will always adhere to the political and popular nature of financial work, give full play to the functional role of direct financing "service provider" and capital market "gatekeeper", anchor the core position of serving the high-quality development of the real economy, comprehensively implement the "15th Five Year Plan" deployment, deeply work on the "five major articles" of finance, continue to forge core professional capabilities, and contribute to better serving Chinese path to modernization and the construction of a financial power.