Brokerage branches on A-share fluctuation list hit RMB4.26tn turnover in first three quarters

According to Securities Daily, trading activity on China’s A-share market remained robust across the first three quarters, pushing up transaction volumes recorded by securities brokerage branches on the market fluctuation list, compiled in line with disclosure standards from the Shanghai, Shenzhen and Beijing stock exchanges. Market concentration has risen as leading brokerages maintain strong trading capacity, while selected foreign brokerage branches and regional divisions gain greater market traction.

Data from Tongshun iFinD shows 6,323 brokerage branches appeared on the fluctuation list over the period, excluding dedicated institutional, Stock Connect northbound and southbound seats. Their combined turnover reached RMB4.26 trillion, a 37.38% year-on-year rise. The top 100 branches by turnover generated RMB3.28 trillion in total transactions, accounting for 77.19% of the aggregate volume. The proportion marks an increase from 70.66% recorded for the same period last year.

Guotai Haitong Securities secured the strongest performance on the ranking. Its headquarters retained the top spot, with turnover of RMB354.862 billion. The group holds 21 positions within the top 100 branch list, many at high rankings. Its Wuhan Ziyang East Road branch, Beijing Zhichun Road branch, Nanjing South Taiping Road branch and Shanghai branch ranked eighth, eleventh, seventeenth and nineteenth respectively.

Several foreign brokerage branches demonstrated strong competitive performance. Goldman Sachs (China) Shanghai Pudong Century Avenue branch took second place with turnover of RMB282.341 billion, climbing 18 places year on year. UBS Securities Shanghai Huayuan Shiqiao Road branch and JPMorgan China Shanghai Yincheng Middle Road branch ranked fourth and sixth, with turnover of RMB190.404 billion and RMB126.38 billion respectively.

China CITIC Securities Shanghai branch, Kaiyuan Securities Xi’an Taihua Road branch, China International Capital Corporation Shanghai branch, Huabao Securities Shanghai East Daming Road branch and Guosen Securities Zhejiang internet branch also entered the top ten, each recording turnover above RMB110 billion.

Brokerage regional divisions have grown more visible on the fluctuation list. Twenty-three of the top 100 seats belong to such divisions, with many recording sharp ranking improvements. Guotai Haitong Securities Shanghai branch moved up from sixty-eighth to nineteenth place, while Guosen Securities Shenzhen internet branch rose from 122nd to 44th. Guoxin Securities Beijing branch jumped from outside the top 4,000 to twentieth.

The fluctuation list serves as a key reference for tracking capital flows in the A-share market. Trading activity among the top ten branches shows heightened interest in computer, communications and semiconductor sectors. Individual stocks with large transaction volumes from leading seats include GigaDevice, JCET, Taiji Industrial, Hongban Technology and Shenghe Jingwei.

Trading flows from top seats reflect capital focus on hard technology industrial upgrading. The signals from the fluctuation list may be used for investment reference, though they are not suitable for short-term speculative trading. Trades from these leading seats are largely driven by industrial trends and corporate earnings performance rather than short-lived market themes.