As the 2026 interim reports from public funds near completion, the semi-annual scorecard for brokerage research commission fees has officially been released. A ranking battle over research pricing power is reshuffling the market alongside the broader recovery.

Record Trading Volumes Fuel Commission Rebound

Wind data shows that total commission income from public fund allocations reached 8.727 billion yuan in the first half of 2026, surging 95.13% from 4.472 billion yuan in the same period last year, nearly doubling. The combination of heightened A-share trading activity and rising fund positions is expanding the research business pie for brokers.

This surge hinges on an unprecedented liquidity wave in the A-share market. Cumulative turnover hit 317.53 trillion yuan in H1, a record for any half-year period, with average daily turnover around 2.74 trillion yuan, nearly doubling year-on-year. Meanwhile, public fund assets expanded rapidly, climbing to 39.67 trillion yuan by the end of June, hitting a new record high for three consecutive months and growing 5.18% compared to the start of the year.

The industry has cycled through peaks and troughs in recent years. In 2021, commissions peaked at over 22 billion yuan before entering a prolonged downturn, sliding to 18.8 billion in 2022 and 16.8 billion in 2023. When new commission rules took effect in July 2024, capping rates at 0.0262% for passive equity funds and 0.0524% for others, the industry entered a "floor price" era, causing a sharp decline to 10.58 billion yuan that year. As the first full year under the new rules, 2025 remained flat at 10.57 billion yuan. In 2026, deepening fee reforms, steadying commission rates, and significantly higher market volumes finally triggered a strong rebound.

Yet beneath the overall growth, divergence in research capabilities and comprehensive service quality is redefining industry rankings.

Fierce Battle for Top Spots: GF Chases GTHT, Sinolink Charges Forward

Against the backdrop of a swelling commission pool, shifts among leading brokers have drawn the most attention. CITIC Securities retained the top spot with total commissions of 562 million yuan, up 76.07% year-on-year, maintaining a decisive lead. The market leader posted revenue of roughly 49.7 billion yuan and net profit of 23.3 billion yuan in H1, its best half-year performance ever, with commission income rising by about 300 million yuan year-on-year, reinforcing its deep moat in research pricing power.

The most tightly contested race is for second place. Guotai Haitong Securities Co., Ltd. and GF Securities recorded 510 million yuan and 509 million yuan respectively, separated by only about one million yuan. However, GF's 103.34% year-on-year growth outpaces GTHT's 82.33%, signaling an intensifying pursuit. Changjiang Securities, Huatai Securities, Industrial Securities, CSC Financial, GMS Holdings, and Shenwan Hongyuan rank fourth through ninth. Among them, Industrial Securities posted the fastest growth in the top seven at 158.67% year-on-year, with commissions of 407 million yuan, just 11 million yuan shy of fifth-placed Huatai Securities' 418 million yuan.

The biggest disruptor in the top ten is Sinolink Securities. In H1, its commission income reached 297 million yuan, skyrocketing 181.14% year-on-year, vaulting eight spots to enter the top ten—a true game-changer in the competitive landscape. Conversely, CICC and Zheshang Securities have seen notable declines. Zheshang Securities posted 246 million yuan in H1 commissions, up 47.90%, but slid from 7th to 14th place, dropping out of the top ten. CICC earned 203 million yuan, growing about 36.11% year-on-year, underperforming the industry and falling from 11th to 18th.

Notably, the top five rankings remained unchanged from 2025. In a high-growth year where most players saw commissions double, the stability at the top underscores the widening Matthew effect in commission distribution. The top five collectively earned about 2.4 billion yuan, and the top ten around 4.2 billion yuan, accounting for nearly half of the entire industry's total.

Dark Horses Among Small and Mid-Sized Brokers: Zhongyuan Surges 1,794-Fold, Huayuan and East Money Soar

While the industry tide lifted all boats, a cohort of smaller and mid-sized brokers achieved extraordinary gains through niche strategies, carving out openings in a competitive landscape.

The standout performer is Zhongyuan Securities. In H1 2026, its commission income jumped from less than 1,000 yuan in the same period last year to 1.5279 million yuan, a staggering 1,794-fold increase. Huayuan Securities, whose research institute was founded just two and a half years ago, continued its 2025 momentum of "seven-fold growth", adding another 260.81% in H1 and moving up six spots to 22nd. East Money Securities also impressed, earning 126 million yuan in H1 commissions, up 277.45% year-on-year, climbing seven places to 24th, as its internet broker traffic advantage translates into research pricing influence.

Additionally, Caitong Securities grew 241.33%, Huafa Securities rose 118.05%, and Western Securities advanced 202.90%—these smaller players used doubling or even multi-fold growth rates to secure their ecological niches amid the dominance of giants.

However, not all smaller brokers shared in this feast. Among those at the bottom of the rankings, multiple saw sharp declines in commission income, with over 20 brokers reporting drops exceeding 50%, further squeezing the space for tail-end players. Cinda Securities fell 26.22%, Tebon Securities dropped 37.41%, and Capital Securities decreased 35.21%. The industry's Matthew effect has become even more pronounced during this broad rally.