Industrial Securities Co Ltd

Brokerages are shifting from developing their own large models to collectively joining third-party AI platforms. In early September, Tencent's WorkBuddy open platform went live, and GF Securities became the first brokerage to enter the ecosystem zone, launching 12 self-developed skills and 9 expert capabilities in the first batch, describing its Buddy application zone as a digital flagship store within Tencent's AI ecosystem. In late September, six AI skills from China Securities' self-developed Dragonfly Skill went live on the WorkBuddy skills marketplace. On September 7, Alibaba's Qwen open platform launched more than ten financial intelligent agents, with four brokerage bots among the first to join: Guotai Haitong's Lingxi, Industrial Securities' intelligent investment assistant, Soochow Securities' Xiucai, and CICC Wealth Management. Moonshot AI's Kimi released a financial industry solution, with China Securities and CICC among those deploying or co-building it in their operations. Jiemian News found that brokerages joining third-party AI platforms have formed two clear paths: one is listing professional tools as skills on AI office workbenches such as Tencent WorkBuddy, and the other is joining general AI assistants such as Alibaba's Qwen as standalone bots for conversational services. Yang Ling, a securities industry analyst at Analysys Qianfan, pointed out that the primary purpose of brokerages' intensive integration is to expand new user touchpoints, and the real value lies in first building user awareness and then gradually guiding users to their own apps, investment advisory, and wealth management services. According to Analysys data, in June 2026, the combined visits of 17 mainstream desktop AI-native office agent platforms in China exceeded 60 million. Tencent Marketing disclosed on September 15 that in 2026 it has completed the full chain of account opening and customer acquisition with brokerages, with more than 40 traditional brokerage headquarters investing in customer acquisition during the year, and leading brokerages' budgets reaching the tens of millions of yuan level. In terms of self-developed investment, the 2025 annual reports show that Guotai Haitong Securities ranked first with information technology investment of 3.235 billion yuan, Huatai Securities at 2.679 billion yuan, and China Merchants Securities, China Securities, CICC, GF Securities, China Galaxy Securities, Guosen Securities, and Shenwan Hongyuan also above 1 billion yuan.

The US core PCE price index rose 0.2% month-on-month in July and 3.3% year-on-year, both in line with expectations. Real personal consumption spending was flat month-on-month, showing an economic cooling that supports a pause in Federal Reserve rate hikes, though inflationary pressure has not fully faded. Driven by falling Treasury yields, a weaker dollar and fiscal concerns, gold prices topped 5,000 US dollars an ounce intraday on August 26, hitting a record high. Industrial Securities believes gold could break above 5,000 US dollars this year, while Caitong Securities is bullish on central bank gold buying and lower real rates supporting prices. Bosera Gold ETF has seen net inflows for four consecutive days, attracting a combined 164 million yuan, with average daily net inflows of 40.92 million yuan.

Industrial Securities released its 2026 interim report, with net profit attributable to the parent company of 2.129 billion yuan, up 60.08% from the same period last year. Total operating revenue was 6.73 billion yuan, an increase of 1.326 billion yuan from the same reporting period last year, up 24.54% year-on-year. Net cash inflow from operating activities was 8.001 billion yuan, an increase of 9.968 billion yuan compared with the same reporting period last year. The company's latest asset-liability ratio was 82.74%, up 1.23 percentage points from the previous quarter; the latest return on equity was 3.44%, up 1.25 percentage points from the same period last year.

Industrial Securities released its 2026 semi-annual report, achieving operating revenue of 6.73 billion yuan, up 24.54% year on year, and net profit attributable to shareholders of the listed company of 2.129 billion yuan, up 60.08% year on year. The company plans to distribute a cash dividend of 0.5 yuan per 10 shares, tax included, to all shareholders. Second-quarter net profit was 1.344 billion yuan, while first-quarter net profit was 786 million yuan, meaning second-quarter net profit rose 71% quarter on quarter.

Huachuang Yunxin disclosed a share buyback plan to support its stock price, proposing to repurchase between 100 million and 200 million yuan within three months, making it the sixth Shanghai-listed brokerage to announce a buyback plan since June. Within the past week, five brokerages—Huaan Securities, Guolian Minsheng, Hongta Securities, Zhongtai Securities, and Huachuang Yunxin—successively released buyback plans. Together with Guojin Securities from early June, the total proposed buyback and shareholding increase cap for Shanghai-listed brokerages amounts to no more than 1.26 billion yuan, with most funds earmarked for cancellation or price support. Huaan Securities plans to buy back between 100 million and 200 million yuan, Guolian Minsheng between 100 million and 200 million yuan, Hongta Securities between 50 million and 100 million yuan all for capital reduction, Zhongtai Securities between 100 million and 200 million yuan for capital reduction, and Guojin Securities between 150 million and 300 million yuan. Additionally, a major shareholder of Industrial Securities plans to increase holdings by between 30 million and 60 million yuan, and both Industrial Securities and Zheshang Securities have proposed interim dividend plans.

Nearly 70 companies listed on the Shanghai Stock Exchange have released a flurry of positive signals within two days, spanning share buybacks, increased holdings by major shareholders, upbeat earnings forecasts, major contract signings, and interim dividends. Among them, 17 companies announced new buyback plans with a combined proposed maximum buyback amount of 2.196 billion yuan. Three companies unveiled new shareholding increase plans with a combined proposed maximum increase amount of 240 million yuan. Another nine companies disclosed progress updates on buybacks and increased holdings. The controlling shareholder of Biwin Storage Technology proposed a buyback of shares worth 200 million to 250 million yuan for cancellation. The chairman of Daqin Railway proposed a buyback of shares worth 400 million to 500 million yuan for capital reduction. The actual controller of Shuangyuan Technology proposed using 50 million to 80 million yuan of over-raised funds to buy back shares. On the increased holdings front, a shareholder of Industrial Securities, Fujian Investment and Development Group, plans to increase its stake by 30 million to 60 million yuan. The controlling shareholder of Pan Asian Microvent Tech plans to increase holdings by 5 million to 10 million yuan. On the earnings front, 16 companies released positive announcements. Yuanjie Technology expects first-half revenue to grow 339.13% to 363.53% year-on-year, with net profit attributable to the parent company surging 1,196.91% to 1,304.98%. Lianxun Instruments expects first-half net profit to rise 801.96% to 925.75% year-on-year. Regarding major contracts, a subsidiary of PowerChina signed a subcontract for the water transmission system of the Basrah seawater desalination project in Iraq, with a contract value equivalent to approximately 8.925 billion yuan. In addition, eight companies including Wanhua Chemical, Shandong Gold Mining, and ArcSoft received interim dividend proposals or released interim dividend plans. Controlling shareholders of companies such as Bright Dairy and Power Tech issued commitment letters not to reduce their holdings.