The Guotai report said trading turnover of the country's stocks and mutual funds will hit a record 9.2 trillion yuan this year, including 7.66 trillion yuan (US$1.17 trillion) or 34.8 billion yuan (US$445 million) a day recorded in the first 11 months, up 242 per cent year on year.

Including a contribution from warrants trading, which is becoming a key part of brokerages' income in China, total turnover in the January-November period reached 9.42 trillion yuan (US$1.2 trillion), more than tripling last year's level, it said.

Guotai Jun'an was the number one brokerage with 1.21 trillion yuan (US$154.8 million) in trading turnover in the first 11 months, the report said.

Galaxy Securities followed with 1.18 trillion yuan (US$150.96 billion), it said, adding that the country's top 10 brokerages accounted for 40 per cent of the domestic market share indicating further room for major brokers to expand through mergers and acquisitions.

China International Capital Corp, nearly 35 per cent owned by Wall Street investment bank Morgan Stanley, topped the league table for domestic underwriters, the report said.

It underwrote share issues totalling 32.64 billion yuan (US$4.17 billion) in the first 11 months, including several mega deals such as a 46.6 billion yuan (US$5.96 billion) A-share offer by the Industrial and Commercial Bank of China, it said.

CITIC Securities, Guotai Jun'an, Galaxy Securities and Shenyin Wanguo Securities ranked behind with each underwriting more than 10 billion yuan, the report said.

The five major underwriters took 83 per cent of domestic market share, it said.

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