S&P upgrades China securities industry anchor rating to 'bb+', citing economic resilience and profit growth
S&P Global Ratings raised its anchor rating for China's securities industry from 'bb' to 'bb+', citing economic resilience, improved regulatory frameworks, and stronger industry profitability. GF Securities received a direct upgrade to 'BBB+/Stable/A-2', while CITIC Securities, Guotai Haitong, and China Galaxy Securities had their outlooks revised to positive. The upgrade is expected to lower international bond issuance costs for Chinese brokerages and reduce cross-border business friction.
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Cross-source coverage
Common ground
- China's securities firms have shown strong financial performance, with record profits and solid regulatory improvements.
- Western rating agencies like S&P have a history of bias and failure, including the 2008 financial crisis and unfair treatment of developing nations.
- China's $3.4 trillion in foreign exchange reserves provides a powerful buffer against external financial pressures.
- Building alternative financial institutions, such as China's own rating agencies and development banks, is a worthwhile long-term goal.
Points of contention
- The Eastern Agent sees the S&P upgrade as a tactical victory that can attract capital and boost markets, while the Regional Agent views it as reinforcing a colonial system that should be rejected.
- The Eastern Agent believes China can engage with the existing system and build alternatives at the same time, but the Regional Agent argues this undermines efforts to create a truly independent financial architecture.
- The Regional Agent focuses on the human cost and structural injustice of the rating system for ordinary people and the Global South, while the Eastern Agent prioritizes practical results like capital flows and market valuations.
- The Eastern Agent treats the upgrade as a sign of forced Western recognition of China's strength, while the Regional Agent sees it as a temporary privilege that doesn't change the system's fundamental unfairness.
Blind spots
- Both sides overlook how the upgrade might affect retail investors in China, who have faced losses and lack transparency in the securities market.
- The debate doesn't address whether China's financial system truly serves ordinary people or just attracts foreign capital, ignoring issues like accountability and fairness.
- Neither side fully considers the perspective of other developing nations, which may see China's upgrade as a privilege of size and power rather than a model they can follow.
WorldAttention’s read
The debate shows a clear split between a pragmatic approach that uses the S&P upgrade as a tool for market gains and a principled stance that rejects the rating system as fundamentally unjust. Both sides agree on China's financial strength and the need for alternatives, but they clash on whether engaging with Western agencies helps or hurts that goal. The blind spots include the real impact on ordinary investors and the unique position of China compared to other developing countries. Ultimately, the upgrade is a mixed signal—it reflects China's economic power but also highlights the ongoing dominance of a biased global system that still needs to be transformed.
Reporting timeline
S&P Upgrades Chinese Securities Firms' Ratings, Boosting Bull Market 'Flag Bearers'
International credit rating agency S&P has upgraded the anchor rating for Chinese securities firms from 'bb' to 'bb+', according to a report by Financial Investment News. Individual firms affected include GF Securities, whose rating was raised to 'BBB+/Stable/A-2', while major brokerages such as CITIC Securities, Guotai Haitong, and China Galaxy saw their rating outlooks revised from 'stable' to 'positive'. Several brokerages, including Orient Securities and Guotai Haitong, issued announcements detailing the changes. S&P cited improved risk management frameworks, stable capital levels, and enhanced market positions as reasons. Analysts attribute the upgrade to strong profit growth in the securities industry: data from the Securities Association of China shows that 150 securities firms achieved total operating revenue of 329.81 billion yuan in the first half of 2026, up 31.38% year-on-year, with net profit of 138.66 billion yuan, up 23.5%. Listed brokerages performed even better, with combined net profit of 142.5 billion yuan, up about 50%. Analysts at Industrial Securities noted that high trading activity, a 96.9% increase in average daily A-share stock turnover, and a 54% rise in the STAR Composite Index drove revenue growth. Some top brokerages also saw rapid overseas business expansion. The report notes that the sector's valuation is at only the 12.21% percentile since 2012, suggesting top brokerages with 10x P/E and 1-1.1x P/B ratios offer high allocation value.
Read sourceS&P Upgrades China Securities Sector Rating; Broker Stocks at Low Valuations
International credit rating agency S&P Global Ratings has upgraded its anchor rating for Chinese securities companies from 'bb' to 'bb+', citing strong earnings growth in the industry. Individual upgrades include GF Securities from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', while the outlooks for CITIC Securities, Guotai Haitong, and China Galaxy Securities were revised from 'stable' to 'positive'. According to data from the Securities Association of China, 150 securities firms reported total revenue of 329.81 billion yuan in the first half of 2026, up 31.38% year-on-year, and net profit of 138.66 billion yuan, up 23.50%, with half-year profits already exceeding the full-year 2023 level. The 42 listed brokerages posted combined net profit of 142.5 billion yuan, up about 50%. Despite this fundamental improvement, the stock market has not fully reflected the gains. As of September 18, the securities index price-to-book ratio stood at only 1.17 times, in the 5.15th historical percentile, with several major brokers trading below book value. Huatai Securities believes that with multiple business drivers, policy support, low valuations, and low institutional positioning, the sector's left-side allocation value is emerging. It recommends focusing on three themes: leading brokers with strong earnings growth, companies with tech IPO and co-investment income elasticity, and opportunities from regional mergers and acquisitions.
Read sourceS&P Upgrades China Securities Industry Rating; Guangda Securities President Resigns
This article from Tonghuashun Finance, dated September 21, 2026, reports three key financial developments. First, international rating agency S&P has upgraded the anchor rating for China's securities industry from 'bb' to 'bb+', citing economic resilience, improved regulatory frameworks, and enhanced industry profitability. Specific upgrades include GF Securities' rating to 'BBB+/Stable/A-2' and positive outlook adjustments for CITIC Securities, Guotai Haitong, and Galaxy Securities. The article notes this will lower overseas bond issuance costs for Chinese brokerages and reduce cross-border business friction. Second, Guangda Securities announced the resignation of President Liu Qiuming, aged 50, after over six years in the role, citing term expiration. The company will initiate a selection process for a new president. Third, the article reports that China's mutual fund scale grew by over 500 billion yuan in August to 39.63 trillion yuan, driven by equity market recovery, with over 130 funds currently being issued or planned. The article includes editorial commentary on each item, emphasizing the institutional repricing of China's financial governance and the normalization of executive turnover in the securities industry.
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S&P Upgrades China Securities Industry Rating; Everbright Securities President Resigns After Six Years
This article from September 21, 2026, reports three major financial developments. First, international rating agency S&P has upgraded China's securities industry anchor rating from 'bb' to 'bb+', citing economic resilience, improved regulatory frameworks, and substantial improvements in industry profitability and capital strength. Specific upgrades include Guangfa Securities to 'BBB+/Stable/A-2', while CITIC Securities, Guotai Haitong, and China Galaxy Securities have positive outlook revisions. The upgrade is expected to lower overseas bond issuance costs for Chinese brokerages and reduce institutional friction in cross-border business. Second, Everbright Securities announced the resignation of President Liu Qiuming, aged 50, after over six years in the role. Liu is credited with resolving the MPS historical risk and achieving a V-shaped performance recovery. The company will initiate a new president selection process. Third, China's mutual fund industry scale grew by over 500 billion yuan in August to 39.63 trillion yuan, driven by equity market recovery, with over 130 funds currently being issued or about to be issued.
Read sourceS&P Upgrades China Securities Industry Rating, Boosting Brokerage Stocks and Market Sentiment
S&P Global Ratings has upgraded the anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and strengthened industry profitability and capital levels. The upgrade specifically raised Guangfa Securities' rating from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', making it the only brokerage to receive a direct rating upgrade. Meanwhile, S&P revised the outlook from stable to positive for several major brokerages including CITIC Securities, Guotai Haitong, and China Galaxy Securities. Tian Lihui, dean of the Financial Research Institute at Nankai University, described the upgrade as a 'systematic revaluation of the risk pricing logic' for China's securities industry, noting it could lower international bond issuance costs for Chinese brokerages and reduce institutional friction for cross-border business expansion. S&P expects policy-driven industry consolidation to benefit market leaders while challenging smaller or regionally-focused firms. The upgrade reflects S&P's view that China's large and diversified economy, supported by $3.4 trillion in foreign exchange reserves and sovereign wealth funds of at least $2 trillion, can withstand external shocks and support the operating environment for securities firms.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Regulatory Progress
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and substantive improvements in industry profitability and capital strength. The upgrade specifically raised Guangdong Securities' rating from 'BBB/stable/A-2' to 'BBB+/stable/A-2', while revising the outlooks for CITIC Securities, Guotai Haitong, and China Galaxy Securities from stable to positive. Tian Lihui, dean of the Financial Research Institute at Nankai University, stated the upgrade represents a systemic revaluation of risk pricing logic for China's securities industry, with three core justifications: economic resilience buffering external shocks, continuous regulatory improvements, and substantive industry profit and capital strength enhancements. S&P noted that China's large and diversified economy shows strong resilience against multiple pressures, supported by $3.4 trillion in foreign exchange reserves and sovereign wealth funds with at least $2 trillion in total assets. The rating agency expects policy-led industry consolidation and evolving competition to provide market leaders with opportunities to strengthen their positions, while challenging smaller or regionally focused brokerages.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Regulatory Progress
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and positive industry developments. The upgrade reflects China's ability to withstand external shocks, supported by substantial financial reserves including $3.4 trillion in foreign exchange reserves and sovereign wealth funds totaling at least $2 trillion. GF Securities saw its issuer credit rating raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', becoming the only brokerage to receive a direct upgrade. Multiple major brokerages, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, had their rating outlooks revised from stable to positive. Tian Lihui, dean of Nankai University's School of Finance, characterized the upgrade as a systemic reassessment of risk pricing logic for the sector, noting it could lower international bond issuance costs for Chinese brokerages and reduce institutional friction for cross-border business expansion. S&P expects ongoing policy-driven industry consolidation to benefit market leaders while challenging smaller or regionally-focused firms.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Reforms
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', signaling a systemic reassessment of risk pricing. The upgrade reflects China's economic resilience, improved regulatory framework, and stronger industry profitability and capital positions. GF Securities saw its issuer credit rating raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', becoming the only firm with a direct upgrade. Multiple major brokerages, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, had their outlooks revised from stable to positive. Tian Lihui, dean of Nankai University's Institute of Finance, noted the upgrade represents an 'institutional pricing' of China's financial governance effectiveness by international capital markets. S&P expects the upgrade to lower borrowing costs for Chinese securities firms in international markets and reduce friction in cross-border business expansion. The rating agency highlighted China's $3.4 trillion in foreign exchange reserves and $2 trillion sovereign wealth fund as buffers against external shocks. S&P also noted that ongoing policy-driven industry consolidation will benefit market leaders while challenging smaller or regionally-focused firms.
Read sourceS&P Upgrades China Securities Industry Rating, Boosts Broker Outlooks
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and the sector's strengthened profitability and capital position. The upgrade led to specific actions: GF Securities' issuer credit rating was raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', making it the only firm to receive a direct upgrade. Meanwhile, the outlooks for several major brokers, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, were revised from 'stable' to 'positive'. Tian Lihui, dean of the Nankai University Institute of Finance, commented that the upgrade represents a 'systematic revaluation' of risk pricing logic for the sector, potentially lowering overseas borrowing costs for Chinese brokerages. S&P noted that China's large and diversified economy, supported by $3.4 trillion in foreign exchange reserves and sovereign wealth funds, can buffer external shocks. The rating agency also highlighted ongoing policy-driven industry consolidation, which it expects to benefit market leaders while challenging smaller firms.
Read sourceS&P Upgrades China Securities Industry Rating, Boosting Broker Outlooks
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and stronger industry profitability and capital. The upgrade led to specific actions: GF Securities' issuer credit rating was raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', while the outlooks for several major brokers including CITIC Securities, Guotai Haitong, and China Galaxy Securities were revised from stable to positive. Tian Lihui, dean of Nankai University's School of Finance, described the upgrade as a 'systematic revaluation' of risk pricing logic for the sector, noting it could lower overseas borrowing costs for Chinese brokerages and reduce friction in cross-border business. S&P highlighted China's $3.4 trillion in foreign exchange reserves and $2 trillion sovereign wealth fund as buffers against external shocks. The rating agency also noted that ongoing policy-driven industry consolidation favors larger, well-capitalized players while challenging smaller firms. The upgrade is seen as a signal of international capital markets' recognition of China's financial governance effectiveness.
Read sourceS&P Upgrades China Securities Industry Rating, Boosts Multiple Brokerage Outlooks
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and the industry's positive development. The upgrade reflects a systemic reassessment of risk pricing logic for Chinese brokerages, according to Tian Lihui, dean of Nankai University's School of Finance. GF Securities saw its issuer credit rating raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', becoming the only firm with a direct upgrade. Meanwhile, S&P revised the outlooks for several major brokerages from stable to positive, including CITIC Securities, Guotai Haitong, and China Galaxy Securities. The rating agency expects that policy-driven industry consolidation will benefit market leaders while challenging smaller or regionally focused firms. Tian noted that the upgrade signals international capital markets' institutional pricing of China's financial governance effectiveness, and that Chinese brokerages may see lower international bond issuance costs and reduced friction in cross-border business expansion.
Read sourceS&P Upgrades China Securities Industry Rating, Boosts GF Securities and Multiple Broker Outlooks
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and the industry's positive development. The upgrade led to specific actions: GF Securities' issuer credit rating was raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', making it the only brokerage to receive a direct upgrade. Meanwhile, the outlooks for several major brokerages, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, were revised from 'stable' to 'positive'. Tian Lihui, dean of Nankai University's School of Finance, described the move as a 'systematic revaluation' of risk pricing logic for Chinese securities firms, noting it could lower international bond issuance costs and reduce friction for cross-border business. S&P expects ongoing policy-driven industry consolidation to benefit market leaders while challenging smaller firms. The upgrade reflects China's $3.4 trillion in foreign exchange reserves and $2 trillion sovereign wealth fund as buffers against external shocks.
Read sourceS&P Upgrades China Securities Industry Rating, Boosting Brokerage Stocks
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and substantive improvements in industry profitability and capital strength. The upgrade specifically raised GF Securities' rating from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', making it the only brokerage to receive a direct rating upgrade. Meanwhile, S&P revised the outlooks for several major brokerages from stable to positive, including CITIC Securities, Guotai Haitong, and China Galaxy Securities. Tian Lihui, dean of Nankai University's School of Finance, said the upgrade represents a 'systematic revaluation of the risk pricing logic' for China's securities industry, and will likely lower international bond issuance costs for Chinese brokerages and reduce institutional friction for cross-border business expansion. S&P noted that China's large and diversified economy, supported by $3.4 trillion in foreign exchange reserves and sovereign wealth funds with at least $2 trillion in total assets, can mitigate external shocks. The rating agency also highlighted ongoing policy-driven industry consolidation, which it said will benefit market leaders while challenging smaller or regionally focused firms.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Regulatory Progress
Standard & Poor's (S&P) has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', signaling a systemic reassessment of risk pricing logic, according to a report by Sohu Finance. The upgrade reflects China's economic resilience, improved regulatory framework, and substantive improvements in industry profitability and capital strength. Specifically, GF Securities' rating was raised from 'BBB/stable/A-2' to 'BBB+/stable/A-2', while the outlooks for CITIC Securities, Guotai Haitong, and China Galaxy Securities were revised from stable to positive. Tian Lihui, dean of Nankai University's Finance Research Institute, noted the upgrade represents an 'institutional pricing' of China's financial governance effectiveness by international capital markets, and will likely lower overseas bond issuance costs for Chinese brokerages. S&P highlighted China's $3.4 trillion foreign exchange reserves and $2 trillion sovereign wealth fund as buffers against external shocks. The rating agency also cited ongoing policy-led industry consolidation, which favors larger, well-capitalized players while challenging smaller or regional firms. The upgrade is expected to reduce financing costs and lower institutional friction for cross-border business expansion by Chinese securities firms.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Regulatory Progress
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and stronger industry profitability and capital. The upgrade reflects a systemic revaluation of risk pricing logic for Chinese brokerages, according to Tian Lihui, dean of Nankai University's Financial Research Institute. Specifically, Guangzhou Securities' issuer credit rating was raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', making it the only firm to receive a direct upgrade. Meanwhile, the outlooks for several major brokerages, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, were revised from 'stable' to 'positive'. S&P expects the policy-driven industry consolidation to benefit market leaders while challenging smaller players. The upgrade is expected to lower borrowing costs for Chinese securities firms in international markets and reduce institutional friction for cross-border business expansion.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Reforms
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', signaling a systemic reassessment of risk pricing. The upgrade reflects China's economic resilience, improved regulatory framework, and stronger industry profitability and capital. GF Securities saw its issuer credit rating raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', becoming the only firm with a direct upgrade. Multiple major brokerages, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, had their rating outlooks revised from stable to positive. Tian Lihui, dean of Nankai University's School of Finance, said the upgrade represents an 'institutional pricing' of China's financial governance effectiveness and is expected to lower overseas borrowing costs for Chinese brokerages. S&P noted that China's large and diversified economy, supported by $3.4 trillion in foreign exchange reserves and sovereign wealth funds, shows strong resilience. The rating agency also highlighted ongoing policy-driven industry consolidation and stricter regulatory oversight as factors favoring market leaders while challenging smaller firms.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Regulatory Progress
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and stronger industry profitability and capital positions. The upgrade reflects a systemic reassessment of risk pricing logic for Chinese brokerages, according to Tian Lihui, dean of Nankai University's Financial Research Institute. Guangfa Securities saw its issuer credit rating raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', becoming the only firm with a direct upgrade. Meanwhile, S&P revised the outlooks for several major brokerages from stable to positive, including CITIC Securities, Guotai Haitong, and China Galaxy Securities. S&P expects policy-driven industry consolidation to benefit market leaders while challenging smaller firms. The upgrade is expected to lower borrowing costs for Chinese brokerages in international markets and reduce institutional friction for cross-border business expansion.
Read sourceS&P Upgrades China Securities Industry Rating, Boosting Broker Outlooks
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and stronger industry profitability and capital. The upgrade led to specific actions: GF Securities' issuer credit rating was raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', while the outlooks for several major brokers including CITIC Securities, Guotai Haitong, and China Galaxy Securities were revised from stable to positive. Tian Lihui, dean of Nankai University's School of Finance, described the upgrade as a systemic reassessment of risk pricing logic for the sector, noting it could lower borrowing costs for Chinese brokerages in international markets. S&P highlighted China's $3.4 trillion in foreign exchange reserves and $2 trillion sovereign wealth fund as buffers against external shocks. The rating agency also pointed to ongoing policy-driven industry consolidation, which it said favors larger, well-capitalized players while challenging smaller firms. The upgrade reflects a broader recognition of China's financial governance effectiveness, according to analysts.
Read sourceS&P Upgrades China Securities Industry Rating, Boosts Major Broker Outlooks
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', citing the country's economic resilience, improved regulatory framework, and the sector's strengthened profitability and capital position. The rating agency also upgraded GF Securities' issuer credit rating from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', making it the only firm to receive a direct upgrade. Additionally, S&P revised the outlooks for several major brokerages, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, from 'stable' to 'positive'. Tian Lihui, dean of the Nankai University Institute of Finance, commented that the upgrade represents a systemic revaluation of risk pricing logic for the Chinese securities industry, and that it could lower international bond issuance costs for Chinese brokerages. S&P noted that China's large and diversified economy, supported by substantial foreign exchange reserves and sovereign wealth funds, shows strong resilience to external shocks. The agency also highlighted ongoing policy-driven industry consolidation, which it expects to benefit market leaders while challenging smaller or regionally focused firms.
Read sourceS&P Upgrades China Securities Industry Rating, Citing Economic Resilience and Reforms
S&P Global Ratings has upgraded its anchor rating for China's securities industry from 'bb' to 'bb+', signaling a systemic reassessment of risk pricing. The upgrade reflects China's economic resilience, improved regulatory frameworks, and stronger industry profitability and capital positions. GF Securities saw its issuer credit rating raised from 'BBB/Stable/A-2' to 'BBB+/Stable/A-2', becoming the only firm with a direct upgrade. Multiple major brokerages, including CITIC Securities, Guotai Haitong, and China Galaxy Securities, had their outlooks revised from stable to positive. Tian Lihui, dean of Nankai University's School of Finance, noted the upgrade represents an 'institutional pricing' of China's financial governance effectiveness by international capital markets. S&P expects the upgrade to lower borrowing costs for Chinese securities firms in international markets and reduce friction in cross-border business expansion. The rating agency also highlighted ongoing policy-driven industry consolidation as benefiting market leaders while challenging smaller firms.
Read source