China Securities Friday pop could mark the start of another summer-time rally, 2Q pre-announcements key catalysts

研报英文原文证据摘录

China Securities Friday pop could mark the start of another summer-time rally, 2Q pre-announcements key catalysts

Asia Pacific Equity Research

12 June 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of

Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

China Securities

Friday pop could mark the start of another summer-

time rally, 2Q pre-announcements key catalysts

A and H share brokers were up 4% and 4% on Friday, outperforming the Banks & Financial Services

CSI 300 index and Hang Seng index by 2ppt and 2ppt respectively. If we AC Peter Zhang

make reference to past performance, brokers’ share prices have tended to (852) 2800-8557

underperform the index after a one-day rally, as sentiment cools and peter.zhang@jpmorgan.com

investors take profits (Table 1-Table 2). However, we argue that this time J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

could be different, and that the current set up may support the sector in

Katherine Lei

repeating the June–July 2025 rally, when A and H share broker share (852) 2800-8552

prices rose by 15% and 42% over two months. In our view, the strong katherine.lei@jpmorgan.com

operating trends, undemanding valuation and upcoming 2Q26 result pre- J.P. Morgan Securities (Asia Pacific) Limited/

announcements in mid-July are the key drivers for another summer-time J.P. Morgan Broking (Hong Kong) Limited

rally. As such, we suggest investors accumulate high-quality broker names Lincoln Yu

(i.e., CICC-H and Citic Sec-A, both OW), and we also see attractive risk- (852) 2800 8523

lincoln.yu@jpmorgan.com