Who are China Merchants Securities's main competitors?

Named competitors: CITIC Securities (600030.SS), Huatai Securities (601688.SS), GF Securities (000776.SZ). The cockpit's measured peer set (industry) also includes Pershing Square (PS), Partners (PGHN.SW), Amundi (AMUN.PA), TPG (TPG), T. Rowe Price (TROW), CSC Financial (601066.SS).

Is China Merchants Securities expensive compared with its peers?

On forward p/e it trades at 6.8× against a peer median of 13.2×, cheapest of 21 in its peer set.

How has China Merchants Securities stock performed?

Over six months to 6 Nov 2026 the shares returned +3.1% against +7.2% for the median peer; over one year -4.4%.

← CockpitCompetitor Analysis › 600999.SS China Merchants Securities Co., Ltd. Class AOpen in the cockpit ↗

China Merchants Securities Co., Ltd. Class A600999.SSCompetitor analysis, valuation and peers

China · CNY·Financials›Investment Managers

Shenzhen-based brokerage under state conglomerate China Merchants Group, offering brokerage, investment banking and asset management.

Momentum strong 76

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$20.1B

US dollars, full cap

Free float

31%

of shares outstanding

$/day

$115M

20-day average traded

Fwd P/E

6.8×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

139 days

25 Mar 2027

Close · CNYCN¥16.21

1D-1.7%

1W+4.5%

1M-3.9%

3M-8.3%

6M+3.1%

YTD-2.6%

1Y-4.4%

ATR %2.5%

52w lowhigh30.2% off high

What China Merchants Securities does

Shenzhen-based brokerage under state conglomerate China Merchants Group, offering brokerage, investment banking and asset management.

Earns commissions on customer share trades, interest on margin loans, underwriting fees and gains on its own investments, so results move with market activity. The state-owned China Merchants Group is its ultimate owner.

Products and services

Retail brokerage
Investment banking
Asset management

Customers

Retail investors
corporate issuers

Where it sits in the supply chain

Financial services
Securities brokerage
Brokerage, investment banking, asset…

What could go right

Trading-volume growth
China Merchants Group cross-sell

What could go wrong

Trading-volume cyclicality
Regulatory fee pressure

Moat: narrow (brand, distribution). Backed by the China Merchants Group financial ecosystem and its bank/insurance client base.

Headquarters: Shenzhen, China · Founded: 1991 · Employees: 12,792

Named competitors

CITIC Securities 600030.SS
Huatai Securities 601688.SS
GF Securities 000776.SZ

China Merchants Securities at a glance

Size China Merchants Securities (600999.SS) is a China Financials company (Investment Managers) with a market value of $20.1B, the 109th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.21 on 6 Nov 2026.

Performance Over six months the shares gained 3.1%, against +7.2% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue fell 8.2% over the last twelve months (peer median +9.4%); the operating margin is 75.7% (peer median 30.8%).

Valuation It trades at 6.8× forward earnings against a peer median of 13.2× (cheapest of 21).

Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: China Merchants Securities against the median of its 20 peers (local-currency closes).

China Merchants Securities financials

Reported figures in CNY; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	CN¥31.7B	CN¥35.7B	CN¥29.5B	CN¥27.9B	CN¥31.8B
Revenue growth	—	+21%	+6%	-12%	—
Gross profit	CN¥24.2B	CN¥31.0B	CN¥25.8B	CN¥24.1B	CN¥28.1B
EBITDA	n/a	CN¥21.0B	CN¥18.8B	CN¥17.4B	CN¥16.5B
Net income	CN¥20.8B	CN¥11.8B	CN¥9.81B	CN¥8.19B	CN¥7.46B
Free cash flow	CN¥34.5B	-CN¥30.1B	CN¥54.0B	CN¥28.8B	CN¥64.0B
Capital expenditure	CN¥866M	CN¥723M	CN¥764M	CN¥608M	CN¥560M
Total debt	CN¥377B	CN¥391B	CN¥362B	CN¥374B	CN¥320B

Quarterly statements and history in the cockpit →

China Merchants Securities competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. China Merchants Securities is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. China Merchants Securities is the large dot.

China Merchants Securities competitors and peer comparison

Head to head with its named competitors (600999.SS vs 600030.SS vs 601688.SS vs 000776.SZ)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
China Merchants Securities 600999.SS	$20.1B	+3%	-8%	76%	6.8×	n/a
CITIC Securities 600030.SS	$56.4B	-6%	-16%	54%	10.2×	n/a
Huatai Securities 601688.SS	$22.7B	-7%	-6%	38%	8.3×	n/a
GF Securities 000776.SZ	$20.9B	-10%	+37%	42%	7.8×	n/a

How China Merchants Securities compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

China Merchants Securities against its 20 peers (data as of 6 Nov 2026)
Measure	600999.SS	Peer median	Rank in peer set
1-month return	-3.9%	+2.7%	5th lowest of 21
6-month return	+3.1%	+7.2%	7th lowest of 21
Distance from 52-week high	-30.2%	-14.5%	6th lowest of 21
Revenue growth (TTM)	-8.2%	+9.4%	3rd lowest of 21
Operating margin	75.7%	30.8%	highest of 21
Forward P/E	6.8×	13.2×	cheapest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
China Merchants Securities 600999.SS	China	$20.1B	+3%	-8%	76%	6.8×	n/a	n/a
Pershing Square PS	United States	$20.6B	+24%	+67%	37%	84.9×	n/a	n/a
Partners PGHN.SW	Switzerland	$21.3B	-24%	+9%	56%	16.7×	n/a	n/a
Amundi AMUN.PA	France	$21.7B	+9%	+1%	23%	11.9×	n/a	n/a
TPG TPG	United States	$17.9B	+4%	+21%	17%	13.8×	n/a	n/a
T. Rowe Price TROW	United States	$23.1B	+4%	+7%	36%	10.8×	n/a	n/a
CSC Financial 601066.SS	China	$23.4B	-3%	-2%	49%	14.2×	n/a	n/a
Principal Financial PFG	United States	$23.6B	+10%	+5%	15%	11.3×	n/a	n/a
Franklin Resources BEN	United States	$17.1B	+10%	+8%	15%	10.6×	n/a	n/a
CVC Capital Partners CVC.AS	Netherlands	$16.9B	+10%	+14%	57%	18.1×	n/a	n/a
Blue Owl Capital OWL	United States	$15.4B	-7%	+11%	17%	10.4×	n/a	n/a
ICICI Prudential Asset Management ICICIAMC.NS	India	$15.4B	-11%	+22%	73%	39.2×	n/a	n/a
Nomura 8604.T	Japan	$26.5B	+15%	+12%	12%	9.0×	n/a	n/a
DWS Group GmbH & Co. KGaA DWS.DE	Germany	$14.7B	+7%	+24%	37%	12.6×	n/a	n/a
Carlyle CG	United States	$14.1B	-22%	-44%	14%	10.2×	n/a	n/a
Guosen Securities 002736.SZ	China	$13.9B	-16%	-10%	34%	7.9×	n/a	n/a
Ares Management ARES	United States	$30.0B	+7%	+7%	27%	20.5×	n/a	n/a
IGM Financial IGM.TO	Canada	$13.3B	+7%	+20%	36%	14.0×	n/a	n/a
iA Financial IAG.TO	Canada	$13.1B	+29%	+13%	59%	13.9×	n/a	n/a
Raymond James Financial RJF	United States	$31.3B	+6%	+10%	21%	11.4×	n/a	n/a
Northern Trust NTRS	United States	$31.3B	+8%	+7%	24%	13.7×	n/a	n/a

Questions

Who are China Merchants Securities's main competitors?: Named competitors: CITIC Securities (600030.SS), Huatai Securities (601688.SS), GF Securities (000776.SZ). The cockpit's measured peer set (industry) also includes Pershing Square (PS), Partners (PGHN.SW), Amundi (AMUN.PA), TPG (TPG), T. Rowe Price (TROW), CSC Financial (601066.SS).
Is China Merchants Securities expensive compared with its peers?: On forward p/e it trades at 6.8× against a peer median of 13.2×, cheapest of 21 in its peer set.
How has China Merchants Securities stock performed?: Over six months to 6 Nov 2026 the shares returned +3.1% against +7.2% for the median peer; over one year -4.4%.