Northeast Securities Co Ltd

Since the beginning of this year, brokerage co-investment floating profits on the Star Market have approached five times. Wind data shows that as of the close on September 30, among the 19 new stocks listed on the Star Market this year, 20 sponsor co-investments injected a total of 3.134 billion yuan, with corresponding latest combined floating gains already reaching 15.119 billion yuan. None of these 20 co-investments fell below their issue price on the first day of trading, and their combined first-day floating profit was 13.852 billion yuan. Among them, Changxin Technology alone gave CICC and China Securities each a floating profit of 5.327 billion yuan on their respective 1 billion yuan co-investments, with the two deals together exceeding 10.6 billion yuan in floating profit, accounting for 70 percent of all co-investment floating gains. The floating profit of these 20 co-investments once surged to 21.012 billion yuan and has now pulled back by nearly 5.9 billion yuan, while still locked in a 24-month lock-up period. On the same day, Northeast Securities announced that it had received approval from the Jilin Regulatory Bureau of the China Securities Regulatory Commission, granting the company securities asset management business qualification, limited to engaging in asset securitization business.

In the first half of 2026, non-bank financial companies listed on the Shenzhen Stock Exchange delivered impressive results. Of the 18 listed companies that have disclosed half-year reports, 16 achieved growth, and more than 30% grew by over 50%. Among them, GF Securities expects attributable net profit of 11 billion to 12 billion yuan, up 70% to 85% year on year; Changjiang Securities hit a record high of 3.192 billion yuan, a year-on-year increase of 83.80%; Yuexiu Capital expects growth of 75% to 95%; Huaxi Securities and Northeast Securities posted 972 million yuan and 764 million yuan respectively, up 89.71% and 77.49% year on year. The strong performance was driven by active capital market trading, which boosted brokerage, margin financing and securities lending, and proprietary trading income, while companies also advanced wealth management transformation, deepened investment banking in key regions, and expanded active asset management scale. Looking to the second half, several companies said they will adhere to high-quality development, continue deepening transformation, and strive to reward shareholders with excellent results.

After the chairman position remained vacant for five months, Orient Fund has welcomed a new leader. He Junyan, president of controlling shareholder Northeast Securities, has been appointed chairman. Liu Hongpeng, who had been acting chairman and general manager, has been promoted to vice chairman and has also taken over the role of head of finance. The announcement shows that former deputy general manager Zhang Ke and former head of finance Hao Likun have left their posts due to work adjustments and moved to other positions. Orient Fund's assets under management reached 167.179 billion yuan at the end of the second quarter, a record high. Bond funds accounted for 97.949 billion yuan, hybrid funds 51.775 billion yuan, and equity funds 3.455 billion yuan. The Orient Artificial Intelligence Theme Fund managed by fund manager Yan Kai posted a return of 166.72 percent in the first half of the year, with its size surging from 4.847 billion yuan at the end of the first quarter to 35.125 billion yuan at the end of the second quarter. However, its net value has pulled back 22.93 percent since the third quarter began, while the Orient Huixin fund he manages has fallen 29.7 percent. Among the company's 127 funds, only six actively managed equity funds exceed 1 billion yuan in size, while 78 are small or micro funds below 200 million yuan. In 2025, the company reported revenue of 653 million yuan and net profit of 81 million yuan.

Northeast Securities released its first-half 2026 report, with net profit attributable to the parent company of 764 million yuan, an increase of 334 million yuan from the same period last year, up 77.49% year on year. The company's total operating revenue was 2.647 billion yuan, up 29.38% year on year, achieving growth for two consecutive years. Net cash inflow from operating activities was 6.535 billion yuan, an increase of 7.373 billion yuan from the same period last year. The company's latest asset-liability ratio was 83.86%, latest return on equity was 3.74%, and diluted earnings per share was 0.33 yuan.

Northeast Securities Co., Ltd. announced that it recently received a reply letter from the China Securities Regulatory Commission, allowing its proprietary trading business to participate in carbon emission rights trading on domestic legal trading venues. The reply letter, numbered Institutional Department Letter [2026] No. 1078, requires the company to conduct business in a compliant and prudent manner, with the goals of serving the real economy, reducing society-wide emission reduction costs, and promoting the transition to a green, low-carbon economy. Northeast Securities stated that it will incorporate the relevant business into its comprehensive risk management system and establish sound internal controls and risk management mechanisms.

The first-half 2026 earnings preview for Shenzhen-listed non-bank financial companies shows that over 80% of firms posted earnings growth exceeding 50%, with the industry's overall profitability improving significantly. GF Securities expects net profit attributable to shareholders of 11 billion to 12 billion yuan, up 70% to 85% year-on-year. Changjiang Securities expects net profit of 3.126 billion to 3.3 billion yuan, up 80% to 90%, hitting a new record high. Yuexiu Capital expects net profit of 2.727 billion to 3.039 billion yuan, up 75% to 95%. Northeast Securities achieved net profit of 764 million yuan, up 77.49%. Huaxi Securities expects net profit growth of 65.96% to 105.01%. Companies are making all-out efforts across core businesses such as wealth management, investment trading, and asset management, demonstrating strong growth resilience and development vitality.

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.