According to the CITIC Construction Investment Research Report, in 2026, favorable policies will drive continued growth in performance, and the sector is expected to reprice. The securities industry entered a new growth cycle in 2025, but the excess returns of brokerage stocks were poor due to lack of independent catalysts and continued pessimism from the previous two years. Currently, the three core favorable logics of “service quality productivity+medium- and long-term capital entry + brokerage internationalization opportunities” have not been fully priced by the market. The new momentum driven by it, such as investment banking, asset management, and international business, is expected to gradually be realized to industry fundamentals after 2026, providing solid support for medium- to long-term performance flexibility and resilience, and there is no need to worry about growth gaps.

According to the CITIC Construction Investment Research Report, in 2026, favorable policies will drive continued growth in performance, and the sector is expected to reprice. The securities industry entered a new growth cycle in 2025, but the excess returns of brokerage stocks were poor due to lack of independent catalysts and continued pessimism from the previous two years. Currently, the three core favorable logics of “service quality productivity+medium- and long-term capital entry + brokerage internationalization opportunities” have not been fully priced by the market. The new momentum driven by it, such as investment banking, asset management, and international business, is expected to gradually be realized to industry fundamentals after 2026, providing solid support for medium- to long-term performance flexibility and resilience, and there is no need to worry about growth gaps.