[Highlights of multi-wheel drive, public offering industry polishes profitability stability] August 27th, judging from the 2026 semi-annual reports recently disclosed by listed shareholders of a number of public offering institutions, with the equity and bond markets being generally active in the first half of the year, public offering institutions generally seized market opportunities and improved their business structures to get rid of the impact of fee reductions and return to the track of profitability. At present, it has been disclosed that more than 20 public equity institutions have achieved year-on-year growth in operating income and net profit in the first half of the year. Among them, multiple business lines of China Asset Management, Southern Asset Management, and Wells Fargo Fund are developing in parallel; some highlight businesses such as Penghua Fund, Invesco Great Wall Fund, Industrial Securities Global Fund, and Everwin Fund have outstanding performance, and their profitability has grown steadily. Industry insiders said that currently, special account business, pension business, ETF and index investment, institutional financial management, and cross-border investment-related businesses have become the focus of the public offering industry. Diversified business layout can often help public offering institutions maintain stronger profitability stability in a volatile market environment. (China Securities Journal)