[Securities industry operating data for the first half of the year released, traditional business and transformed business are recovering simultaneously] September 8th, recently, the Securities Association of China released operating data for securities companies in the first half of 2026. Driven by the dual drive of continued active market trading and the release of dividends from capital market reform, the overall profitability of the industry has significantly improved compared with the same period in previous years. Traditional brokerage and credit businesses have significantly repaired, investment consulting, asset management and other transformation businesses have accelerated their growth. The drivers of growth of securities firms are becoming more diversified. At the same time, the industry's "strong ones always get stronger" pattern continues to deepen, the profit concentration of leading securities firms further increases, and it becomes more difficult for small and medium-sized securities firms to break through. Analysts believe that the securities industry is still in an upward cycle, but the investment logic has shifted from general sector gains to selected stocks, and the allocation value of leading institutions with strong capital strength and balanced business structures continues to be highlighted. (China Securities Journal)