Summary of Key Points
The A-share Dragon and Tiger List in the first half of 2026 has undergone significant structural changes: The previous dominance by retail investors (the Dongfang Fortune Lhasa faction) and traditional speculative capital has been disrupted, with institutional seats (such as Guotai Haitong headquarters) and foreign-funded seats (Goldman Sachs, UBS, etc.) moving to the forefront. Brokerage competition has shifted from focusing on individual star departments to a matrix approach involving headquarters, branches, and regional outlets. Although internet-based retail investor seats still appear frequently on the list, their transaction volumes have dropped out of the top ten. Shanghai remains the most central trading city in terms of the Dragon and Tiger List.
Detailed Analysis
1. The Transformation of the Dragon and Tiger List: Institutions and Foreign Capital Take Center Stage
In the past, the Dragon and Tiger List mainly focused on the Dongfang Fortune Lhasa faction (a hub for retail investors) and traditional speculative capital departments. However, the situation is completely different this year. More than half of the top ten seats are now held by institutions and foreign funds: Guotai Haitong headquarters (institutional) ranks first, Goldman Sachs (foreign) second, UBS (foreign) fourth, JPMorgan Chase (foreign) sixth, and CITIC Shanghai branch (institutional) third. Behind these seats lies substantial capital—either institutional asset allocation or foreign fund trading, indicating that the list no longer merely reflects short-term retail speculation but also the movements of large investors.
For example, in 2025, the Lhasa faction dominated the top ten; this year, their transaction volume has dropped out of the top ten, while Guotai Haitong headquarters alone exceeded 200 billion yuan in transactions, more than five times that of any leading Lhasa faction seat. This suggests that large investors are gaining increasing influence in A-share trading.
2. Guotai Haitong Becomes the Biggest Winner: Winning Through a Team Effort
Guotai Haitong was the clear leader in the first half of this year, with 18 seats making it into the top hundred, totaling 601.7 billion yuan in transactions (nearly 30% of the total for the top hundred), surpassing last year's annual total of 409.9 billion yuan. This success is not due to a single star department but rather a coordinated effort from its headquarters, branches, and regional outlets. For instance, its Wuhan Ziyang East Road branch ranked seventh (with transaction volume exceeding 90 billion yuan, higher than the total transactions of many other brokers), and its Beijing Zhichun Road and Nanjing Taiping South Road branches also appeared in the top thirty.
This highlights that brokerage competition is no longer about which broker has the best single department but about overall service capabilities—such as the number of institutional clients, the stability of trading systems, and the quality of research and wealth management services, all of which are reflected in the activity of their seats on the Dragon and Tiger List.
3. Foreign-Funded Seats: From Occasional Presence to Regular Players at the Forefront
Previously, foreign-funded seats on the list were only occasionally notable, such as when they increased their holdings in certain stocks. This year, however, they became a significant force, with Goldman Sachs, UBS, and JPMorgan Chase collectively accounting for 411.5 billion yuan in transactions (nearly 20% of the top hundred), occupying three of the top six seats.
The reason for this increased activity is twofold: A-share markets have shown rapid rotation this year, presenting opportunities for foreign funds; additionally, there has been enhanced connectivity between domestic and international institutions—foreign funds are trading stocks through these Shanghai-based seats. The Dragon and Tiger List now reflects not just market trends but also the active participation of foreign investors as genuine traders.
4. Dongfang Fortune Lhasa Faction: Most Frequent on the List, But with Reduced Volume
The Dongfang Fortune Lhasa faction remains highly active, appearing 6907 times on the list (the highest among all brokers), but its transaction volume has dropped out of the top ten (ranking 11-13). For example, the Lhasa Financial City South Ring Road seat had a volume of 43.1 billion yuan, only one-fifth of that of Guotai Haitong headquarters. This indicates that while retail investors are still active, their capital scale is outpaced by institutions and foreign funds. Although the Lhasa faction retains its popularity due to the large number of retail investors, it is no longer the main driver of market activity in this context.
5. Shanghai Remains the Central Hub of the Dragon and Tiger List
Shanghai accounts for 23 seats in the top hundred, with a total transaction volume of 818 billion yuan (nearly 40%), and its seats appear nearly ten thousand times on the list. Key foreign-funded and domestic institutions are all based in Shanghai, including Goldman Sachs, UBS, JPMorgan Chase, CITIC, and China International Capital Corporation (CICC).
Shanghai’s dominance is due to its status as China’s financial center, with both domestic and international institutions conducting most of their transactions through local seats. Other regions, such as Zhejiang (Guosen Internet branch), Guangdong (Shenzhen branch), Tibet (Lhasa faction), and Shaanxi (Kaiyuan Xi'an faction), have their unique strengths but cannot match Shanghai’s position.
Conclusion
The Dragon and Tiger List for the first half of 2026 essentially reflects changes in the A-share trading ecosystem: Large investors (institutions and foreign funds) are becoming more active, and brokerage competition has shifted from a focus on individual departments to a comprehensive approach. The influence of retail investors is declining. In the future, when analyzing the list, one should not only pay attention to speculative capital and retail investors but also consider institutional asset allocation, foreign fund movements, and the overall service capabilities of brokers. The Dragon and Tiger List has evolved from a tool for tracking short-term capital flows to a microcosm of the A-share trading ecosystem.