香港證券經紀行在2026年上半年錄得強勁盈利增長 Strong Profit Growth Recorded by Hong Kong Stockbrokers in the First Half of 2026

證監會發布的最新證券業財務回顧報告顯示，受惠於強勁的交易活動與投資者參與度上升，香港證券業在2026年上半年展現出卓越的韌力與盈利表現。 The latest financial review report of the securities industry released by the Securities and Futures Commission (SFC) indicates that Hong Kong's securities industry demonstrated exceptional resilience and profitability in the first half of 2026, driven by robust trading activity and heightened investor participation. 一、 內容摘要 / 要点总结 (Summary of Key Highlights) 1. 淨盈利顯著上升 (Significant Increase in Net Profit) 香港證券業在今年上半年錄得穩健增長，整體淨盈利較2025年下半年增加21%至517億元，反映出市場在變動環境中的靈活應對能力。 The Hong Kong securities industry recorded solid growth in the first half of this year, with overall net profit surging by 21% to HK$51.7 billion compared to the second half of 2025, reflecting the market's agility in adapting to changing environments. 2. 交易總額創下新高 (Record-Breaking Total Trading Turnover) 在2026年1月至6月期間，證券經紀行的交易總額躍升24%至149.0萬億元的歷史新高，同時截至2026年6月的活躍客戶人數亦增加10%至約570萬。 During the period from January to June 2026, total trading turnover by securities dealers jumped by 24% to a record HK$149.0 trillion, while the number of active clients increased by 10% to approximately 5.7 million as of June 2026. 3. 收入結構與成本控制 (Revenue Structure and Cost Control) 交易佣金及利息收入較2025年下半年增加13%至454億元，抵消了資產管理相關費用收入下降21%至244億元的影響，使行業總收入保持平穩；加上開支及利息支出輕微下跌2%，進一步推動了盈利增長。 Trading commission and interest income increased by 13% to HK$45.4 billion compared to the second half of 2025, offsetting a 21% decline in asset management-related fee income to HK$24.4 billion, keeping overall industry revenue stable. Coupled with a slight 2% decrease in expenditures and interest expenses, this further drove profit growth. 4. 中型及其他經紀行表現亮眼 (Strong Performance by Medium and Other Groups of Brokers) 聯交所參與者的合計淨盈利總額達237億元（增幅20%），其中規模屬中型的B組經紀行淨盈利急升37%至128億元表現最佳，C組經紀行則增長24%至45億元。 The total net profit of Stock Exchange of Hong Kong (SEHK) participants reached HK$23.7 billion (a 20% increase). Among them, Group B brokers of medium size performed the best, with net profit surging 37% to HK$12.8 billion, followed by Group C brokers with a 24% growth to HK$4.5 billion. 二、 觀察與解析 (Insights) 1. 市場交投活躍帶動傳統經紀業務復甦 (Active Market Trading Boosts Traditional Brokerage Recovery) 上半年交易額突破149萬億元及活躍客戶人數的增長，顯示零售與機構投資者對香港資本市場的信心回暖，直接帶動經紀行的佣金與利息收入重拾增運動能。 The turnover exceeding HK$149 trillion in the first half and the growth in active clients demonstrate a recovery in confidence among retail and institutional investors in Hong Kong's capital market, directly driving the revival of commission and interest income for brokerages. 2. 資產管理費用的技術性波動 (Technical Fluctuation in Asset Management Fees) 資產管理相關費用收入的下跌主要受費用確認時間（特別是表現費用集中在2025年12月記帳）的技術性因素影響，並不代表行業基本面轉弱，總體收入結構依然展現平衡。 The decline in asset management-related fee income was primarily driven by technical factors related to the timing of fee recognition (particularly performance fees being accounted for in December 2025), which does not indicate a weakening of industry fundamentals, and the overall revenue structure remains balanced. 3. 行業分化與中型機構優勢彰顯 (Industry Segmentation and the Prominence of Medium-Sized Institutions) 數據顯示B組與C組中小型經紀行錄得強勁的盈利增長（分別為37%與24%），反映出在流動性充裕和成交暢旺的市場環境下，各梯隊經紀行均能有效捕捉商機，擴大市場覆蓋。 The data shows that Group B and C medium and smaller brokers recorded strong profit growth (37% and 24% respectively), reflecting that under market conditions of ample liquidity and brisk turnover, brokerages across different tiers can effectively capture business opportunities and expand market coverage. 4. 監管導向與高質量發展並重 (Balancing Regulatory Focus and High-Quality Development) 正如證監會葉志衡博士所言，在盈利增長之際，證監會將繼續與業界合作提升風險管理、營運韌力和操守標準，這對於鞏固香港作為國際金融中心的地位至關重要。 As Dr. Eric Yip, the SFC's Executive Director of Intermediaries, noted, amidst profit growth, the SFC will continue to collaborate with the industry to enhance risk management, operational resilience, and conduct standards, which are crucial for consolidating Hong Kong's position as an international financial center. 原文链接 (Source)：https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR160 免责声明 / Disclaimer 本文仅作为一般概述，旨在提供信息参考，并基于有关证监会通函的公开资料编写。它不构成任何法律、监管、合规或专业建议。读者不应依赖本概述来代替审阅完整的官方通函及相关文件，亦不应代替寻求合格专业人士的独立意见。文中所载资料可能并不完整或并非最新，且监管要求可能会发生变化。对于基于本文内容所采取的任何行动或引起的任何遗漏，概不承担任何法律责任。持牌实体应直接咨询证监会或其自身的法律/合规顾问以获取具体指引。 This article is a general summary prepared for informational purposes only and is based on publicly available information regarding the SFC circulars. It does not constitute legal, regulatory, compliance, or professional advice. Readers should not rely on this summary as a substitute for reviewing the full official circulars and associated documents or obtaining independent advice from qualified professionals. The information may not be complete or up to date, and regulatory requirements can change. No liability is accepted for any actions taken or omissions based on this content. Licensed entities should consult the SFC directly or their own legal/compliance advisors for specific guidance.