Chart Book | Chart of the day: Chinese brokers still ahead despite crash

Macquarie Research said that despite the stock market crash in the third quarter, mainland brokerage earnings were still "up 70 per cent year on year", according to Wind data. "The relief rally in October, which saw margin positions rise by 12 per cent from the trough to regain the 1 trillion yuan level, suggests that operating income remains strong relative average returns in recent years," Macquarie said. But conditions ahead are going to be challenging "and investors should expect earnings to decline in 2016". "China brokers as a group were clearly a prime beneficiary of the bull market … and this shows up in their extremely strong [first-half] performance."