Guohai Securities: Summary of 2026 Semi-annual Report
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Securities code: 000750 Securities abbreviation: Guohai Securities Announcement number: 2026-36
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
1. Important tips
(1) The summary of this semi-annual report comes from the full text of the semi-annual report. In order to fully understand the company's operating results, financial status and future development plans, investors should read the full text of the semi-annual report carefully in the media designated by the China Securities Regulatory Commission.
(2) This report was reviewed and approved by the 22nd meeting of the 10th Board of Directors of the company. Eight directors attended the meeting and exercised their voting rights. No director or senior manager can guarantee or have any objection to the authenticity, accuracy and completeness of this report.
(3) The company’s 2026 semi-annual financial report has not been audited by an accounting firm.
(4) The company’s mid-term profit distribution plan for 2026, reviewed and approved by this board of directors, is: based on the company’s existing total share capital of 6,386,174,477 shares, a cash dividend of 0.15 yuan (including tax) will be distributed to all shareholders of the company for every 10 shares, and no bonus shares will be given, and no reserve funds will be converted into share capital. This matter still needs to be submitted to the shareholders' meeting for review.
2. Basic situation of the company
(1) Company profile
Stock abbreviation Guohai Securities Stock code 000750
Stock Exchange Shenzhen Stock Exchange
Contact and Contact Information Secretary of the Board of Directors Securities Affairs Representative
Name Qin Li Yi Tao
Office address: 4th Floor, Annex Building, Guohai Building, No. 46 Binhu Road, Nanning City, Guangxi
Phone 0771-5539038 0771-5532512
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Email [email protected] [email protected]
(2) Main financial data and financial indicators
Whether the company retroactively adjusts or restates previous years’ accounting data
□Yes √No
- Main accounting data of consolidated financial statements
Unit: Yuan
This reporting period is the same as the previous year. January-June 2026 January-June 2025
Period increase or decrease (%) Operating income 2,212,000,490.56 1,586,388,812.93 39.44 Net profit attributable to shareholders of listed companies 550,817,065.87 369,787,347.74 48.96 Deduction of non-profit attributable to shareholders of listed companies
551,672,383.84 368,856,066.33 49.56 Net profit from recurring gains and losses
Net after-tax amount of other comprehensive income 20,366,196.45 -51,308,031.34 Not applicable Net cash flow generated from operating activities 7,194,760,034.66 702,426,766.94 924.27Basic earnings per share (yuan/share) 0.09 0.06 50.00 Diluted earnings per share (yuan/share) 0.09 0.06 50.00 Weighted average return on net assets (%) 2.41 1.66 Increased 0.75 percentage points Items at the end of this reporting period compared with the previous year June 30, 2026 December 31, 2025
End-of-year increase or decrease (%) Total assets 81,107,966,837.42 68,889,174,616.74 17.74 Total liabilities 57,234,905,920.60 45,451,796,940.58 25.92 Net assets attributable to shareholders of listed companies 22,936,101,310.36 22,556,985,961.38 1.68
- Main accounting data of the parent company’s financial statements
Unit: Yuan
This reporting period is compared with the same project in the previous year: January-June 2026 January-June 2025
Period increase or decrease (%) Operating income 1,919,016,750.72 1,254,657,190.27 52.95 Net profit attributable to shareholders of the listed company 628,836,706.72 371,456,736.04 69.29 Deduction of non-profit attributable to shareholders of the listed company
629,494,640.89 371,427,133.71 69.48 Net profit from recurring gains and losses
Net after-tax amount of other comprehensive income 19,381,137.21 -51,308,031.34 Not applicable Net cash flow generated from operating activities 5,943,513,297.34 544,689,650.00 991.17Basic earnings per share (yuan/share) 0.10 0.06 66.67
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Diluted earnings per share (yuan/share) 0.10 0.06 66.67 increase 1.16 percent weighted average return on equity (%) 2.93 1.77
point
Items at the end of this reporting period compared with the previous year June 30, 2026 December 31, 2025
Increase or decrease at the end of the period (%) Total assets 70,445,151,776.95 58,864,683,091.49 19.67 Total liabilities 48,808,800,704.78 37,684,964,628.94 29.52 Net assets attributable to shareholders of listed companies 21,636,351,072.17 21,179,718,462.55 2.16
(3) Parent company’s net capital and related risk control indicators
Unit: Yuan
The end of this reporting period is higher than that of the previous year. Early warning supervision items June 30, 2026 December 31, 2025
Final increase or decrease (%) Standard Standard core net capital 16,348,670,915.76 16,135,989,707.06 1.32
Supplementary net capital - - -
Net capital 16,348,670,915.76 16,135,989,707.06 1.32
Net assets 21,636,351,072.17 21,179,718,462.55 2.16
Various risk capital preparations
3,673,810,017.22 4,815,699,918.25 -23.71
sum
Total assets on and off the balance sheet 53,409,905,923.18 47,551,566,466.54 12.32
Risk coverage ratio 445.01% 335.07% Increased by 109.94 percentage points ≥120% ≥100% Capital leverage ratio 30.61% 33.93% Decreased by 3.32 percentage points ≥9.6% ≥8% Liquidity coverage ratio 183.86% 194.54% Decreased by 10.68 percentage points ≥120% ≥100% net stable funding ratio 183.04% 172.71% increased by 10.33 percentage points ≥120% ≥100% net capital/net assets 75.56% 76.19% decreased by 0.63 percentage points ≥24% ≥20% net capital/liabilities 67.79% 92.36% decreased by 24.57 percentage points ≥9.6% ≥8% Net assets/liabilities 89.72% 121.23% decreased by 31.51 percentage points ≥12% ≥10% proprietary equity securities and
1.89% 11.92% decreased by 10.03 percentage points ≤80% ≤100% of its derivatives/net capital
Proprietary non-equity securities
110.51% 84.31% increased by 26.20 percentage points ≤400% ≤500% and its derivatives/net capital
(4) Number of shareholders and shareholding status of the company
- Shareholding status of the top ten shareholders
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Unit: Share
The total number of preference shareholders whose voting rights were restored at the end of the reporting period
Total number of ordinary shareholders (households) at the end of the reporting period 166,875 0 (households)
Shareholding status of the top 10 shareholders
Pledged and frozen quantity
Shareholders Shareholding Ratio Holding Restricted Sale
Serial number Shareholder name Number of shares held
Nature Example (%) Conditional shares
Share status Quantity 1 Guangxi Investment Group Co., Ltd. State-owned legal person 23.33 1,490,034,213 265,486,725 - - 2 Guangxi Investment Group Financial Holdings Co., Ltd. State-owned legal person 6.75 431,155,748 235,988,200 - - 3 Guangxi Wuzhou Zhongheng Group Co., Ltd. State-owned legal person 3.84 245,478,844 88,495,575 - - 4 Guangxi Industrial Investment Capital Operation Group Co., Ltd. State-owned legal person 3.32 211,825,915 0 - - 5 Guangxi Energy Group Co., Ltd. State-owned legal person 3.23 205,976,638 0 - -
Zhuzhou State-owned Assets Investment Holding Group Co., Ltd.
6 State-owned legal persons 2.15 137,568,807 0 - - Division
China Construction Bank Corporation - Cathay Pacific
Funds, wealth management
7 All securities refer to securities company trading open-ended index certificates 2.15 137,432,250 0 - - products, etc.
securities investment funds
China Construction Bank Co., Ltd.-Huabaozhong
Funds, wealth management
8 All securities refer to securities company trading open-ended index certificates 1.38 88,278,110 0 - - products, etc.
securities investment funds
9 Hong Kong Securities Clearing Company Limited Overseas legal person 0.71 45,228,420 0 - - 10 Shen Danfeng Domestic natural person 0.48 30,597,965 0 - -According to the information available to the company, as of June 30, 2026, the company’s actual controller Guangxi
Explanation on the related relationship or concerted action among the above-mentioned shareholders between Investment Group Co., Ltd., Guangxi Investment Group Financial Holdings Co., Ltd., and Guangxi Wuzhou Zhongheng Group Co., Ltd., and Guangxi Energy Group Co., Ltd. Except for this, there is no related relationship or concerted action relationship between the above shareholders as stipulated in the "Measures for the Administration of Acquisitions of Listed Companies".
As of June 30, 2026, Zhuzhou State-owned Assets Investment Holding Group Co., Ltd. passed
Ordinary accounts hold 3,634,478 shares and credit accounts hold 133,934,329 shares; Shen’s participation in the margin trading and securities lending business is explained by shareholders
Danfeng holds 0 shares through ordinary accounts and 30,597,965 shares through credit accounts. Except for the above, the top 10 ordinary shareholders do not participate in margin trading and securities lending business.
- Shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participate in the transfer
Lending shares of Rongtong business
□Applicable √Not applicable
- The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares due to refinancing lending/returning
Changes from the previous period
□Applicable √Not applicable
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
(5) Changes in controlling shareholders or actual controllers
During the reporting period, the company's controlling shareholder and actual controller did not change.
(6) Total number of preferred shareholders of the company and shareholding status of the top 10 preferred shareholders □ Applicable √ Not applicable
(7) Bonds existing on the date of approval of the semi-annual report
1.Basic information on bonds
Bond code Bond balance Bond name Bond abbreviation Issue date Value date Maturity date Interest rate
Code (10,000 yuan) Guohai Securities Co., Ltd.
2023 2023 2026 The company will target professional investors in 2023 13346
23 Guohai 01 March 24 March 2020 - 3.95% investor non-public offering company 6
24-day bond (first issue)
Guohai Securities Co., Ltd.
The company will target professional investment in 2025 2025 2027
2025
Public issuance of corporate bonds by investors 25 Guohai 01 May 524259 May 2000,000.00 1.98%
May 9
Coupon (first issue) (variety 9 days, 9 days a day)
Guohai Securities Co., Ltd.
2025 2025 2028 The company will target professional investors in 2025
25 Guohai 03 524304 June 13 June 2010 100,000.00 1.87% Investors publicly issue corporate bonds
Day 13 Day 13 Day Voucher (Second Issue)
Guohai Securities Co., Ltd. 2025 2026
2025
The company will target professional investors in 2025 52446 years 10 years 10
25 Guohai 04 October 127,000.00 1.80% Investors publicly issue corporate bonds January 14 January 16
14th
Bonds (Third Issue) Date Japan Sea Securities Co., Ltd.
2026 2026 2029 The company will target professional investors in 2026
26 Guohai 01 524793 May 13 May 150,000.00 1.74% Investors publicly issue corporate bonds
Day 13 Day 13 Day Voucher (First Issue)
Guohai Securities Co., Ltd. 2028
2026 2026
The company will target professional investors in 2026, Year 12
26 Guohai 02 524840 June 11 June 150,000.00 1.69% Investors publicly issue corporate bonds June 11
Day 11
Bonds (Second Phase) Japan Sea Securities Co., Ltd.
2026 2029 The company will focus on professional investment in 2026 2026
26 Guohai 03 July 524882 July 150,000.00 1.75% investors publicly issued corporate bonds July 9
9-day 9-day coupon (third issue)
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
- Financial indicators as of the end of the reporting period
Items at the end of this reporting period compared with the end of the previous year June 30, 2026 December 31, 2025
increase or decrease
Asset-liability ratio 50.95% 43.90% increased by 7.05 percentage points
Items for this reporting period compared with the same period last year January-June 2026 January-June 2025
increase or decrease
EBITDA interest coverage ratio 5.07 3.42 48.25%
3. Important matters
(1) Company operating conditions
In the first half of 2026, the domestic economy was generally stable and improving, the secondary market as a whole showed a trend of steady progress and structural optimization, and the bond market performed well overall, supported by ample liquidity. The company deeply implements the political and people-oriented nature of financial work, strengthens functional roles, continues to consolidate professional service capabilities, keeps pace with capital market reform and industry transformation, and leads the company's high-quality development with a correct view of performance. During the reporting period, the company's core business income such as wealth management, sales trading and investment, and research increased steadily year-on-year, and the net profit attributable to shareholders of listed companies increased year-on-year. During the reporting period, the company achieved operating income of RMB 2,212,000,500, a year-on-year increase of 39.44%, total profit of RMB 753,821,500, a year-on-year increase of 45.69%, and net profit attributable to shareholders of listed companies of RMB 550,817,100, a year-on-year increase of 48.96%. The company’s operating conditions during the reporting period are analyzed as follows:
Unit: 10,000 yuan operating income operating expenses operating profit margin
operating profit
Item Operating income Operating expenses Increase over the previous period Increase over the previous period Increase or decrease rate over the previous period (%)
Less (%) Less (%) (Percentage points) Wealth management business 99,878.74 55,425.13 44.51 34.40 75.10 -12.90
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Corporate financial services business 1,509.67 3,537.74 -134.34 -52.00 -16.93 -98.93 Sales trading and investment business 50,937.41 12,672.64 75.12 109.27 24.86 16.82 Investment management business 40,563.31 28,850.10 28.88 10.58 8.50 1.37
- Wealth management business
(1) Securities brokerage business
①Market environment
In the first half of 2026, the domestic policy mix of stabilizing growth, promoting consumption, and supporting the high-quality development of the capital market continued to exert force. Residents' wealth management needs were further linked with the investment and financing functions of the capital market. The overall market environment showed the characteristics of "restored policy expectations, phased improvement in equity market activity, and differentiated customer asset allocation needs." The main A-share index rose steadily. The total market value of A-shares reached 118.95 trillion yuan, an increase of 9.38% from the beginning of the year; the total trading volume of A-shares 317.53 trillion yuan, nearly double year-on-year (from Flush iFinD data). At the same time, investors’ demand for professional wealth management continues to grow, and big data and artificial intelligence technologies are extending from auxiliary tools to full-link intelligent investment advisory services, profoundly reshaping the wealth management service chain. Against this background, wealth management transformation, buy-side investment advisory services, ETF and index investment, cash management and comprehensive financial services are becoming the main focus for securities companies to improve customer stickiness and income resilience.
②Business initiatives and performance
In the first half of 2026, the company's securities brokerage business continued to deepen the "customer demand-driven" transformation path, using buyer-side investment advisory capacity building and digital operations as the core growth engine, optimizing the online and offline integrated customer management system, and advancing the business from traffic acquisition to value cultivation. First, the customer acquisition channels and marketing system continued to be optimized. The focus is on diverse scenarios such as new media live broadcasts, short video content, community and event operations, etc. to improve customer reach efficiency and conversion capabilities. During the reporting period, the company's new active users through its new media platform increased by 88.2% year-on-year, and its brand influence and customer activity increased steadily.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Second, the level of digital operations and refined management continues to improve. Relying on big data and AI technology, we will strengthen customer hierarchical management, accurate portrait identification and intelligent reach capabilities, optimize the efficiency of marketing resource allocation, achieve efficient collaboration between online and offline, public and private domains, and effectively increase per capita production capacity. Third, the buyer’s investment advisory service system is more complete. Focusing on market research and judgment, asset allocation, ETF investment, cash management and intelligent tools, we will enrich the service supply matrix and continue to optimize the investment research system and product spectrum. During the reporting period, investment advisory business income increased steadily year-on-year, the number of investment advisory contracted customers increased by 23.22% compared with the end of the previous year, and customer stickiness and income structure continued to improve. The company won many important awards including the "Best Growth Wealth Management Award" from China Finance Association and the "Best Wealth Growth Institution Award of the Year" from Sina Finance.
③Outlook for the second half of 2026
In the second half of 2026, the company's securities brokerage business will continue to adhere to the customer-centered development concept, adhere to compliant and stable operations, focus on the preservation and appreciation of customer assets and long-term companionship needs, continue to promote the upgrade of the brokerage business to comprehensive wealth management services, and forge differentiated competitive advantages that are digitally driven and have investment advisory characteristics. First, continue to optimize the omni-channel customer acquisition and customer activation system, deepen online and offline collaboration, improve the linkage efficiency of business outlets, Internet platforms, cooperation channels and investment advisory personal IP, carry out refined operations around key areas, key customer groups and key scenarios, and improve the quality of new customers, conversion rate of existing customers and customer activity. The second is to continue to improve investment advisory services and buyer wealth management capabilities. Further improve the investment advisory product spectrum and service process, strengthen investment research support, portfolio tracking, customer companionship and investment education content supply, focusing on high-frequency customer demand scenarios such as ETF, index investment, robust allocation, cash management, etc., and improve investment advisory contract signing and service repurchase capabilities. The third is to continue to promote digital operations and refined management. Strengthen customer stratification, label portraits, behavioral insights, intelligent reach, digital empowerment and total score collaboration capabilities, accurately allocate marketing resources, and steadily increase per capita production capacity.
(2) Futures brokerage business
①Market environment
In the first half of 2026, the market environment for futures brokerage business will continue to be prosperous, and the market size will remain stable.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Continued expansion, further optimization of investor structure, and accelerated institutional opening to the outside world. In terms of market size, in the first half of the year, the cumulative trading volume and cumulative trading value of the national futures market increased by 25.23% and 42.08% respectively year-on-year. As of the end of the reporting period, the total customer equity of futures companies exceeded 2.40 trillion yuan, an increase of 19.17% from the end of the previous year (data from the China Futures Association). In terms of market structure, the first special pension asset futures account for social security funds was opened, the breadth of participation of various types of market entities increased, and the investor structure further improved. In terms of opening up to the outside world, according to data released by the China Futures Market Monitoring Center in early August, the number of specific products open to global investors in China’s futures market has increased to 37, and the number of products open to qualified foreign investors has reached 106. Market opening up continues to accelerate.
②Business initiatives and performance
In the first half of 2026, the transformation results of the futures brokerage business of the holding subsidiary Guohai Liangshi Futures continued to be released, and structural growth drove the core indicators to rise steadily. Efficiently leverage the synergy of IB resources, expand customer acquisition channels and radius, lay out full-process marketing and service paths, and actively use financial technology to improve business efficiency. During the reporting period, the daily average customer equity and the number of new customers of Guohai Liangshi Futures increased by 32.20% and 23.31% year-on-year respectively, and the trading volume and transaction value increased by 10.53% and 18.97% respectively. The scale of IB business continued to expand, and the daily average customer equity increased by 19.85% year-on-year. The customer structure continued to be optimized, and the average daily equity of institutional customers increased year-on-year. 34.42%, the overall proportion has steadily increased; existing customer services have continued to be refined, transaction activity and retention rates have effectively increased, and brokerage business income has achieved steady growth. ③Outlook for the second half of 2026
2026 In the second half of the year, Guohai Liangshi Futures will adhere to the purpose of being customer-centered and serving the real economy, and deepen the basics of the brokerage business: first, deepen customer stratification operations, rely on digital tools to build intelligent matching and full life cycle service systems, and improve the level of refined management; second, seize the opportunity Through the Internet, securities firms and other channels, we proactively deploy new varieties of investment research and customer cultivation to create a new engine for performance growth; third, we optimize our business structure, expand customers in the industrial chain, deepen ecological cooperation with various financial institutions, focus on introducing incremental funds and high-quality assets, and improve the quality and efficiency of serving the real economy.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
(3) Agency sales of financial products business
①Market environment
In the first half of 2026, the overall performance of the domestic capital market was good, and liquidity remained reasonably loose. Major stock indexes generally rose, but the internal structure of A-shares was highly differentiated, with the technology sector performing strongly and other sectors experiencing significant fluctuations and differentiation. The bond market performed well, with the ChinaBond-New Composite Wealth (Total Value) Index rising 2.03%. Overseas markets are showing extreme differentiation and style switching. Hong Kong stocks have bucked the trend and are strengthening. The AI narrative is switching from hardware infrastructure to application monetization. Against this background, the market environment for agency sales of financial products is generally good, with the Wind partial stock hybrid fund index rising by 18.18%, public active equity funds creating excess returns, various types of securities private equity strategies generally rising, and long-term stock returns leading the way. In terms of issuance and scale growth, the increase in private equity funds is obvious but the month-on-month growth rate has slowed down. The increase in public equity funds is mainly concentrated in technology growth style varieties (derived from Flush iFinD data and Wind data).
②Business initiatives and performance
In the first half of 2026, the company continued to deepen the service transformation from product sales to asset allocation. Focusing on customers' full life cycle wealth needs, the company continued to improve the integrated service chain of product selection, strategic portfolio and post-investment management, and is committed to creating sustainable long-term value for customers. The first is to comply with the structural differentiation characteristics of the market, focus on the four strategic main lines of subjective stock selection, quantitative timing, compound CTA and bulk discounts, and continue to improve the multi-asset and multi-strategy product allocation system. The second is to strengthen full-cycle customer companionship and technological empowerment. Through pre-sales roadshows and special training, in-sales service companionship and support, and after-sales customer position analysis and reallocation suggestions, a full-cycle service closed loop is formed and customer trust is consolidated. Deepen customer profiling and demand mining, improve asset allocation accuracy and dynamic optimization capabilities, and continue to focus on building a full-process accompanying service system covering pre-investment, investment, and post-investment. Supported by the above-mentioned products and service systems, during the reporting period, the company's non-monetary financial product holdings increased by 11.94% compared with the end of the previous year, the number of qualified investors in Xinkai Asset Management increased by 50.1% year-on-year, and the number of qualified investors in Xinkai Private Equity increased by 85.9% year-on-year. High-end customer development and service capabilities were significantly improved.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
③Outlook for the second half of 2026
In the second half of 2026, the company's agency sales of financial products business will continue to adhere to the "customer-centric" business philosophy, adhere to the principle of asset allocation, consolidate investment research capabilities, continue to focus on improving the quality and expansion of the product pool, actively expand high-quality product resources, and continuously improve the multi-asset, multi-strategy product allocation system and full-cycle service companion system. We will continue to deepen our customer insight capabilities, rely on digital tools to fully empower pre-sales demand analysis, in-sales solution matching and after-sales dynamic optimization, provide customers with clear, timely and executable professional advice at all stages of wealth management, improve the whole-process service experience, and promote the dual improvement of retention scale and customer satisfaction.
(4) Credit business
①Market environment
In the first half of 2026, trading in the A-share market continued to be active, investors' risk appetite steadily recovered, and the balance of margin trading and securities lending across the market further increased. As of the end of the reporting period, the scale of market margin financing and securities lending business was approximately 3.02 trillion yuan, a year-on-year increase of 63.22%, and the number of investors in market credit securities accounts increased by 5.24% from the end of the previous year (data from China Securities Data Co., Ltd.). In terms of regulatory policies, regulators have introduced countercyclical adjustment measures such as increasing the financing margin ratio to promote long-term stable and healthy development of the market. In terms of stock pledged repurchase business, the market continued to decline. As of the end of the reporting period, the number of pledged stocks in the market was 285 billion shares, a year-on-year decrease of 8.09% (data from China Securities Depository and Clearing Co., Ltd.).
②Business initiatives and performance
In the first half of 2026, the company's credit business adheres to the "customer-centered" development concept, seizes market opportunities, integrates internal and external resources, deeply explores customer needs, and takes multiple measures to expand the high-quality basic customer base; deepens the construction of a two-in-one service system supported by the professional empowerment of the headquarters and with customer companionship as the core, and relies on financial technology empowerment to continue to improve the level of business intelligence and refined management. As of
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
At the end of the reporting period, the company's margin financing and securities lending business scale was 12.682 billion yuan, the average guarantee ratio of credit accounts was approximately 273.18%, and the overall risk was controllable.
③Outlook for the second half of 2026
In the second half of 2026, the company's credit business will firmly anchor the main line of high-quality development, focus on building professional service capabilities, be customer demand-oriented, rely on intelligent tools to drive customers' in-depth operations, continue to improve Guohai's unique credit business service system, and further build differentiated competitive advantages. At the same time, we adhere to the positioning of financial services for the real economy, carry out stock pledge business in a compliant and prudent manner, and steadily improve the comprehensive efficiency of financial services for the real economy.
- Corporate financial services business
(1) Equity financing business
①Market environment
In the first half of 2026, the new "Nine Articles of the Nation" and the "1+N" policy system will continue to be implemented in depth. Investment banking institutions will rely on value mining and comprehensive service empowerment to accelerate business transformation. The capital market will cultivate new productive forces and help the real economy develop in a new and optimal way. According to data released by the exchange, there were 71 new A-share IPO companies in the first half of the year, a year-on-year increase of 39.22%; the total funds raised reached 70.574 billion yuan, a year-on-year increase of 88.93%. In terms of listed sectors, there were 20 mass entrepreneurship and innovation listed companies, a year-on-year decrease of 25.93%; the total funds raised reached 30.276 billion yuan, and financing accounted for 42.90%, which was basically the same as the same period last year. In terms of industries, the total amount of IPO funds raised by the semiconductor industry in the first half of the year reached 10.631 billion yuan (from Wind data), a significant year-on-year increase of 520.61%, which fully reflects the accelerated capitalization process of the domestic semiconductor industry and highlights the strong momentum of financial capital to assist core technology research and promote the transformation and implementation of scientific and technological achievements. In the context of the continuous deepening of the comprehensive registration system, the core functions of the capital market will be further strengthened, guiding more financial "living water" to drip-feed into key core technology areas, promoting the establishment of a virtuous cycle of deep integration of technology, industry and capital, and continuing to inject momentum into the new and optimal development of the real economy.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
②Business initiatives and performance
In the first half of 2026, the company's equity financing business closely focused on the national strategic orientation, deeply cultivated in Guangxi and strategic core areas, built a new strategic collaborative direct financing model, gave full play to the professional value of the investment banking business, and was driven by core capability building and business innovation to promote iterative upgrades of the service system and continuous optimization of customer service efficiency. In the first half of the year, the company successfully completed 2 financial advisory projects for mergers, acquisitions and reorganizations, and has another 3 IPOs under review; it continued to serve the construction of the Guangxi Pilot Pilot Zone for Science and Technology Innovation (Guilin), and promoted experience replication in other cities in Guangxi. The quality and efficiency of comprehensive financial services and the effectiveness of regional strategy implementation have been steadily improved. ③Outlook for the second half of 2026
2026 In the second half of the year, the company's equity financing business anchored the two-wheel drive strategy of "deep regional development and deep industry development", closely followed major layouts such as the New Western Land-Sea Corridor and the Inland Canal Economic Belt, and focused on key directions such as artificial intelligence, key metals, and seaward economy, focusing on key measures such as professional empowerment, precise services, and compliance and efficiency enhancement, combined with Based on the endowment characteristics and development strategies of various cities, we will coordinate the promotion of comprehensive financial services such as enterprise listing cultivation, promote strategic upgrading, service deepening and ecological construction, take equity financing of upstream and downstream entity enterprises in the industrial chain as the core direction, create differentiated boutique investment banking brands and industry benchmark projects, and help enterprises grow in value throughout their life cycles.
(2) Fixed income financing business
①Market environment
In the first half of 2026, the domestic bond market issued a total of 43.76 trillion yuan of various types of bonds, a year-on-year decrease of 2.06%. The total stock of domestic urban investment bonds was 9.25 trillion yuan, a decrease of 0.25 trillion yuan from the beginning of the year (sourced from Wind data). The total scale of urban investment bonds continued to shrink, and the prevention and resolution of hidden debt risks of local governments further deepened. Debt-resolving policies continue to be intensified, and the "combination punch" to resolve hidden debts is advanced in an orderly manner, promoting the accelerated implementation of the bond market's policy guidance of "supporting the good and limiting the bad", and the market is gradually entering a stage of stable operation and quality improvement. At the same time, with the continuous consolidation of the long-term mechanism for de-bonding and the profound changes in the market ecology, the bond market will become more standardized and transparent in order to serve the national strategy and prevent
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Systemic risks lay a solid foundation.
②Business initiatives and performance
In the first half of 2026, the company's fixed income financing business focused on debt revitalization, platform empowerment, and industry and finance empowerment, providing regional customers with a package of debt financing and industrial upgrading service plans, and successfully underwritten and issued 19 bonds, with a cumulative underwriting scale of 3.299 billion yuan (from Wind data). Many bonds hit a new low in regional or main issuance interest rates; it gradually regarded science and technology bonds as a growth point for the bond underwriting business, and launched the issuance of science and technology bonds 3 in the first half of the year. Only, actively serve the development of new productive forces. During the reporting period, the company ranked 24th in the industry in terms of number of lead underwriters involved in bond issuance (data from the Securities Association of China). ③Outlook for the second half of 2026
In the second half of 2026, the company's fixed income financing business will continue to focus on the main line of deepening reform and high-quality development of the capital market, deepen the strategic layout of serving the real economy, keep up with the pace of urban investment debt policies, actively participate in the debt restructuring, asset revitalization and market-oriented transformation of urban investment platforms, support enterprises to improve quality and efficiency through innovative financing tools, and help resolve local debt risks. At the same time, we will closely seize the development opportunities of "new productivity", increase the development of innovative products such as science and technology innovation bonds and mass entrepreneurship and innovation special bonds, and promote the precise focus of the industrial debt business on the "hard technology" track. Based on Guangxi's resource endowment, we will deepen the strategy of "deep cultivation in Guangxi", anchor the strategic direction of strengthening the sea map, actively explore innovative models that combine specialized industries and finance, and strengthen the depth and stickiness of regional financial services.
- Sales transactions and investment business
(1) Securities proprietary business
①Market environment
In the first half of 2026, the macro-economy showed the characteristics of "resilient external demand, moderate price recovery, and weak endogenous driving force". The secondary securities market is structurally extremely differentiated. The cumulative gains and losses of the Shanghai Composite Index, CSI 300, GEM Index and Science and Technology 50 were 3.16%, 7.55%, 35.58% and 64.25% respectively. Only about 30% of stocks achieved gains. Funds are highly concentrated in hard technologies such as AI computing power, semiconductors and optical communications.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
On the growth track, consumption, real estate, and traditional value blue chips significantly underperformed the main line of the market. The core driving logic of the market has gradually shifted from the stimulation of traditional aggregate policies to the resonance of new quality productivity industry prosperity and structural capital preferences. The overall yield of the bond market declined slightly, benefiting from the continued easing of funds. The yields of short-term interest rate bonds and credit bonds fell unilaterally, and credit spreads were significantly compressed. Ultra-long-term bonds were affected by fluctuations in oil prices and supply and demand, and they fluctuated within a narrow range.
②Business initiatives and performance
In the first half of 2026, the company's equity investment business continued to improve the market beta research framework, strengthen forward-looking event analysis and trend deduction, and grasp the index band market; continue to optimize the industry rotation research framework, strengthen industry fundamentals, funding, congestion, technology and major industrial event tracking, expand the coverage of technology industry companies, and seize structural opportunities in the technology industry. The fixed income business follows the strategic positioning of "creating an all-weather, global vision, multi-asset multi-strategy, and self-operated business that creates stable returns", using fixed income as the ballast, improving the layout of asset varieties, enriching investment strategy types, and collaborating with low-risk arbitrage business through band operations to consolidate fixed income investment performance; enriching green investment categories, optimizing the allocation of major asset categories, becoming the 22nd securities firm in the industry to be approved for carbon emission trading qualifications, carrying out carbon quota trading business, and continuing to deepen the green financial business layout.
③Outlook for the second half of 2026
In the second half of 2026, the company's equity investment business will build a "review-iteration-verification" closed-loop investment system, focus on absolute return strategies, and promote breakthroughs in management scale and excess returns. The first is to expand a diversified profit model, build a pyramid portfolio, and enrich value growth and aggressive strategies based on the underlying stable asset allocation; the second is to organically combine macro timing with industrial chain investment to improve timing accuracy and industrial value discovery capabilities; the third is to make full use of tools such as index funds, medium and low-volatility equity products, and stock index futures to develop diversified strategies such as macro hedging, equity quantification, and industry theme investments. The fixed income investment business will develop multi-asset and multi-strategy investment models, continue to strengthen forward-looking research on fiscal and monetary policies, strengthen analysis of market microstructure and institutional behavior, and flexibly use bands and spreads.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
The strategy captures opportunities; at the same time, it broadens investment ideas for large-scale assets, expands the scale of quantitative strategies, and improves the layout of carbon emission rights business. In terms of risk management, we will strictly control credit risk, conduct position control and drawdown management, and increase revenue and profit contribution.
(2) Financial market business
①Market environment
In the first half of 2026, the national economy will operate within a reasonable range, new productive forces will continue to be cultivated and expanded, and high-quality development will steadily improve quality and efficiency; external instability and uncertainty factors will increase, and the domestic supply and demand structure needs to be further optimized. Consumer prices rose moderately, and industrial producer prices rose year-on-year. The employment situation is generally stable, and the surveyed urban unemployment rate has declined. Monetary policy remains moderately loose, counter-cyclical and inter-cyclical adjustments are strengthened, policy transmission effectiveness continues to improve, and social financing costs remain at historically low levels. The central bank continues to track and evaluate the operation of the bond market from a macro-prudential perspective and pay attention to changes in long-term yields. In the first half of the year, the capital interest rate center was stable, with the market averages of DR001 and DR007 being 1.31% and 1.40% respectively. The 10-year government bond yield first rose and then fell, with the overall range fluctuating between 1.70% and 1.90%.
②Business initiatives and performance
In the first half of 2026, the company's financial market business will focus on its main business and coordinate and promote various operations and management work. In terms of investment and trading business, we proactively adapt to new market situations and changes, continue to strengthen macroeconomic and monetary policy research, improve forward-looking forecasting capabilities, and enhance the stability of fixed-income business income; strictly control credit risks, select high-grade interest rate bonds, and short-duration credit bonds as bottom positions to reduce portfolio fluctuations from the asset side; closely track macroeconomic policies, institutional behaviors, and technical indicators, build a multi-dimensional market research and judgment framework, and flexibly carry out swing trading; actively use derivatives tools such as treasury bond futures, interest rate swaps, and bond forwards to develop various business strategies. In terms of sales and transaction business, we strive to optimize the internal organizational structure and collaboration mechanism, continue to deepen hierarchical and classified management of customers, and comprehensively improve the breadth and depth of customer coverage. Deeply explore customer needs and connect investment, sales, trading, market making and liquidity solutions
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
We provide one-stop, customized financial market services throughout the entire solution chain, and continue to enhance the depth and loyalty of customer cooperation; we steadily expand the group sales business of policy financial bonds, local government bonds and non-financial enterprise debt financing instruments, and continue to optimize the breadth and depth of primary market participation.
③Outlook for the second half of 2026
In the second half of 2026, the company's financial market business will be based on the market's operating characteristics of high volatility, weak trends, and significant structural differentiation, improve macroscopic analysis and judgment capabilities, deepen the steady development of the main business of fixed income, consolidate the basic revenue base, and at the same time enrich diversified income sources and cultivate a fixed income + profit model. Adhere to the customer-centered approach, comprehensively deepen the implementation of customer management system plans, solidify and strengthen the customer base, continuously improve customer stickiness and comprehensive service capabilities while deeply cultivating existing customers and expanding increments, and effectively transform customer resource advantages into sustainable business revenue-generating momentum.
- Investment management business
(1) Asset management business
①Market environment
In the first half of 2026, the scale of the securities asset management industry has steadily expanded, the product structure has continued to be optimized, and multi-asset and multi-strategy transformation has become the main line of development. Driven by the low interest rate environment, market demand is gradually tilting towards hybrids, derivatives and cross-border alternative products. The growth of a single fixed income track is under pressure. Passive tools such as FOF and index enhancement and global product layout have accelerated significantly. The industry as a whole shows the characteristics of steady growth in scale and differentiation of competitive landscape. Investment research capabilities, talent reserves and differentiated track layout have become core competitive factors. At the same time, there are still uncertainties in the Fed's interest rate cut expectations and changes in external liquidity. The intensified volatility in equity and bond markets has put forward higher requirements for refined investment research and stable operations. The industry needs to continue to improve professional allocation capabilities within regulations.
②Business initiatives and performance
In the first half of 2026, the company's asset management business will focus on the management goals of "low volatility, low drawdown, low correlation, and competitiveness", strengthen the construction of the investment research system, and promote the practical empowerment and achievement transformation of investment research.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
ization, achieved important breakthroughs in deepening investment research, channel expansion, product innovation, term structure optimization, etc., and achieved steady growth in operating performance. As of the end of the reporting period, the company's asset management business's standardized active management scale increased by 31.9% year-on-year; product transformation was strong, innovation results were significant, and 15 new innovative products were added. The ABS business achieved leapfrog development in serving the "five major articles".
③Outlook for the second half of 2026
In the second half of 2026, the company's asset management business will continue to strengthen the construction of the investment research system, deepen customer service capabilities, improve business collaboration, and cultivate a talent echelon. In terms of investment research, we will continue to deepen the construction of high-quality investment research, improve the layout of product lines, strengthen multi-asset and multi-strategy development, and improve the level of active management; in terms of customer service, we will focus on channel development and cooperation with institutions, strive for new access through banking channels, deeply tap the potential of existing channels, promote the implementation of customized business for institutions, and seize the window period for new e-commerce launches and operations to expand scale; in terms of business collaboration, we will consolidate traditional ABS Strengths, deeply explore innovative varieties, and create professional business features; in terms of talent echelon, we will reserve and introduce personnel based on core business needs, build a professional echelon training system, and at the same time strengthen digital empowerment to form a development pattern in which talents and business promote each other, and comprehensively promote the high-quality development of the asset management business.
(2) Public fund management business
①Market environment
In the first half of 2026, the scale and volume of public funds will continue to grow, and the scale and number of products will further increase. As of the end of the reporting period, there were 165 public fund management institutions in my country, including 150 fund management companies and 15 asset management institutions with public offering qualifications. A total of 14,353 public funds were managed by public fund management institutions, an increase of 1,448 funds or 11.22% year-on-year; the total asset management scale of public funds reached 39.67 trillion yuan, an increase of 5.28 trillion yuan year-on-year, an increase of 15.34%; the total number of public fund asset management shares reached 33.05 trillion, an increase of 2.16 trillion yuan year-on-year, an increase of 15.34%. 7.00% (derived from data from the Asset Management Association of China). In terms of regulatory policies, following the China Securities Regulatory Commission’s main focus on improving investor returns, it has also promulgated the “Public Offering of Securities Investment Funds”
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
Following the "1+N" series of policies and regulations such as the "Financial Performance Comparison Benchmark Guidelines" and "Fund Management Company Performance Appraisal Management Guidelines", the public fund industry continues to consolidate the foundation of compliance and risk control, further establishes a business philosophy with investors' interests as the core, accelerates the transformation from focusing on scale to focusing on investor returns, and is on the track of high-quality development steadily and long-term.
②Business initiatives and performance
In the first half of 2026, its holding subsidiary Guohai Franklin continued to consolidate its investment research advantages, its ability to obtain long-term excess returns remained stable, and its core competitiveness had a solid foundation. As of the end of the reporting period, a total of 12 funds under Guohai Franklin received four-star and five-star ratings (from Morningstar China data). In addition, Guohai Franklin continues to increase its marketing efforts, and the number of customers continues to grow steadily despite the continuous growth in the past five years. In the first half of the year, the number of effective customers of the company's public funds increased by approximately 28%. As of the end of the reporting period, Guohai Franklin managed a total of 50 public fund products and 10 specific customer asset management plans. The company's domestic public fund and special account asset management scale totaled 97.889 billion yuan, of which the company's domestic public fund asset management scale was 95.379 billion yuan.
③Outlook for the second half of 2026
In the second half of 2026, the economy is expected to show marginal improvement quarter by quarter, supported by multiple supports such as the accelerated implementation of fiscal funds, the expansion of investment in new productivity, and the resilience of exports exceeding expectations. The holding subsidiary Guohai Franklin will closely track market changes, continue to deepen investment research capabilities, adhere to value investment as the core, and at the same time strengthen the depth and breadth of research in the field of new productivity to enhance investors’ sense of gain with long-term stable performance. Actively implement the industry's high-quality development requirements, focus on active equity and overseas business to create differentiated competitive advantages, enrich the over-the-counter passive equity product line, promote moderate growth in fixed income scale, and maintain the development of monetary funds in step with the market. In terms of channel construction, we will deepen our efforts in traditional retail channels such as banks and securities companies, increase efforts to develop institutional customers such as insurance and bank wealth management subsidiaries, increase the market share of third-party platforms, and leverage the advantages of shareholders to expand international business, promote mutually recognized fund business in Hong Kong, and achieve high-quality development centered on the interests of holders.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
(3) Private investment fund business
①Market environment
In the first half of 2026, the General Office of the State Council issued the "Guiding Opinions on Strengthening Supervision and Preventing Risks to Promote the High-Quality Development of Private Equity Investment Funds", the China Securities Regulatory Commission issued the "Measures for the Supervision and Administration of Information Disclosure of Private Equity Investment Funds", and the China Fund Management Association issued supporting implementation details and content templates. The "1+N+X" system of the private equity fund industry continues to improve, which has effectively promoted the standardized and healthy development of the industry. During the reporting period, the number of newly registered equity fund managers continued to decline, and the industry differentiation and clearing trend continued. The domestic equity investment market has accelerated its recovery. In the first half of the year, the number and size of newly raised funds were 3,981 and 1,049.464 billion yuan, respectively, a year-on-year increase of 95.8% and 49.6%. Government investment funds, local state-owned assets platforms, insurance funds, etc. are still active investors. Managers with state-owned assets background accounted for 71.1% of the funds under management, further consolidating their dominant position. In the first half of the year, there were 5,944 new investments, with a disclosed investment scale of 565.4 billion yuan, a year-on-year increase of 14.7% and 31.9% respectively (data from Zero2IPO Research Center). Investment in hard technology fields such as AI, GPU, computing power, robotics, and aerospace continues to grow.
②Business initiatives and performance
In the first half of 2026, Guohai Innovation Capital, a wholly-owned subsidiary, closely followed the national strategic guidance, continued to deepen the construction of investment ecology around modern industries and future industries, steadily promoted investment layout, and completed multiple project investments in the field of hard technology. During the reporting period, one of the invested projects received registration approval from the China Securities Regulatory Commission for its IPO on the Science and Technology Innovation Board, and many invested companies are in the application and review stages for IPOs on the Science and Technology Innovation Board, GEM and Hong Kong Stock Exchange. Guohai Innovation Capital has won many awards including Financing China’s “2025 China’s Best Securities Private Equity Subsidiary” and “China’s Top 100 Private Equity Investment Institutions Awards”.
③Outlook for the second half of 2026
In the second half of 2026, Guohai Innovation Capital will closely follow the country's "15th Five-Year Plan" for modern industries and future industrial construction directions, continue to enrich the industrial ecology, consolidate investment research and capital empowerment capabilities, deepen and deepen the investment layout from an industrial perspective, and continue to provide diversified empowerment for invested companies to consolidate and improve its leadership in the industry.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
differentiated competitive advantage within the company.
- Research business
(1) Market environment
In the first half of 2026, driven by multiple factors such as the continued entry of medium and long-term funds into the market and the upward cycle of the technology industry, market trading activity increased significantly. In the first half of the year, the average daily trading volume of A shares in the market was close to 2.74 trillion yuan. The 2026 Government Work Report points out that it is necessary to continue to deepen the comprehensive reform of capital market investment and financing, further improve the market entry mechanism for medium and long-term funds, and increase the proportion of direct financing and equity financing. Against this background, the sell-side research business is accelerating its transformation towards in-depth research, industry chain research, and long-term trend research, and the research value extends from short-term transaction recommendations to medium- and long-term asset allocation recommendations. In addition to traditional institutional clients, emerging needs such as local government industrial planning consulting, listed company strategy and ESG consulting, high-net-worth customer wealth management research, and cross-border investment research are growing rapidly, and the research business boundaries continue to expand. At the same time, the supply-side reform of the securities industry is accelerating. The leading securities company research institute maintains a stable lead based on the platform's comprehensive service capabilities. The specialty securities company marketization research institute relies on the institute's own professional and efficient research team, sales team, and operation team to maintain a relatively leading position.
(2) Business initiatives and performance
In the first half of 2026, the company's research business continued to iterate the research system, sales system, and operation system, with remarkable results. The market share of publicly offered insurance reached a record high and maintained strong development momentum. A new industrial research institute has been established to steadily promote the construction of the ASEAN Research Institute/Guangxi Development Research Center, closely follow the "Five Big Articles" on finance to output diversified special research results, promote the upgrade of the institute from "investment research" to "investment research + industrial research + political research", and deeply empower the development of the local real economy in Guangxi. Strengthening the supporting role of think tanks, more than 1,200 research reports were published in the first half of the year (including 260 research results focusing on the "Five Big Articles" areas of finance such as technology and green), and more than 19,000 online and offline roadshows were organized (including 152 industry special events focusing on the "Five Big Articles" areas of finance such as technology and green). Successfully held a large-scale strategy meeting, attracting more than 1,000 institutional clients to participate, online
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
About 9,000 people communicated next time. In addition, a series of featured high-quality conferences such as "Electronics Industry Exchange Conference" and "Non-ferrous Metal Framework Training" were held to provide in-depth analysis of hot spots in the capital market, and received widespread attention and praise from institutional customers.
(3) Outlook for the second half of 2026
In the second half of 2026, the company's research business will continue to build a first-class market-oriented think tank with in-depth research as the core, industrial chain research as the traction, and a trinity of "investment research + industrial research + political research", with a complete research lineup, outstanding core tracks, significant cluster effects of characteristic sub-sectors, leading comprehensive influence, and efficient investment and research transformation. Adhering to the strategic positioning of "Five Centers" and the strategic consideration of "based on the outside and empowering the inside", we closely follow the deepening reform of the public equity industry and the transformation and development trend of long-term value investment, seize the opportunities for long-term insurance funds to enter the market and the development of private equity funds, and provide three-dimensional investment research services. In terms of external revenue generation, we will continue to consolidate the ranking of core customers, strengthen in-depth research and customer coverage, steadily increase the market share of commissions, and promote the large-scale growth of revenue generation; deepen the basic market of public funds, refine and optimize insurance asset management customers, continue to explore the incremental space of private equity funds, and create the third growth curve of business income. In terms of internal empowerment, we will continue to innovate service forms and increase the frequency of services. We will rely on the ASEAN Research Institute/Guangxi Development Research Center and the Industrial Research Institute to deepen research on industrial chains and regional policies. We will continue to organize brand events such as annual capital market meetings and strategy meetings, build a bridge connecting industry, technology and finance within and outside the region, output high-quality research results, and consolidate the brand influence of the think tank.
(2) Matters concerning participation in the bidding for Chase Securities shares and share interests
On July 15, 2026, the company held the 21st meeting of the 10th board of directors, and reviewed and approved the "Proposal on Participating in the Bidding for the Equity of Chase Securities", and agreed that the company would participate in the bidding for 1,702,564,131.06 shares/equity of Chase Securities (accounting for 51.59%, hereinafter referred to as the equity). On July 17, 2026, the company won the equity of Chase Securities and will gain control of Chase Securities. According to relevant regulatory regulations, the company's acquisition of control of Chase Securities still requires approval from the China Securities Regulatory Commission. For details, please refer to the company’s announcements in the China Securities Journal on July 16 and July 18, 2026 respectively.
Summary of the 2026 Semi-Annual Report of Guohai Securities Co., Ltd.
The "Announcement on the Resolution of the 21st Meeting of the 10th Board of Directors of Guohai Securities Co., Ltd." disclosed by "Securities Times", "Shanghai Securities News", "Securities Daily" and cninfo.com (www.cninfo.com.cn), "Announcement of Guohai Securities Co., Ltd. on participating in the bidding for shares and equity interests in Chase Securities Co., Ltd." and "Announcement on the Progress of Guohai Securities Co., Ltd. on the bid for shares and equity interests in Chase Securities Co., Ltd."
Chairman: Wang Haihe
Guohai Securities Co., Ltd.
August 28, 2026