China Brokers Sector "Sector catchup on multiple tailwinds" Bai

研报英文原文证据摘录

China Brokers Sector "Sector catchup on multiple tailwinds" Bai

Global Research

22 June 2026ab

China Brokers Sector Equities

ChinaSector catchup on multiple tailwinds

Financial Services

Dennis Bai

Rally on likely strong Q226 results and policy tailwinds Analyst

China brokerages (H) surged 6.1% on 22 June, against a 0.65% decline in the Hang dennis.bai@ubs.com

Seng Index, flipping the sector into YTD outperformance of ~7pp (Figure 1Brokersectorstockperformance). The rally, in +852-3712 2473

our view, was driven by two catalysts. First, listed brokers are on track for strong Q2 Wen Chen, CPA

results, underpinned by robust market activity Q2-to-date (see para 2). Second, policy Associate

tailwinds are building, including but not limited to last week's Lujiazui Forum (see para 3) S1460524120002

and the Action Plan for Stabilizing and Optimizing Foreign Investment Attraction ('the wen.chen@ubs.com

Plan') issued jointly by MOFCOM, NDRC and MOF. The Plan extends derivative market +86-21-3866 8259

access to foreign institutions, including treasury futures; and grants them fund advisory

licenses, moves that could accelerate the industry's pivot toward a buy-side advisory

model. Multiple policy tailwinds have emerged YTD. In May, CSRC rolled out the first

departmental rules governing derivatives (UBS note), building toward long-term upside.

In April, the regulator unveiled a new round of ChiNext reforms (UBS note), introducing

a fourth set of listing criteria.

Listed brokers are on track for strong Q2 results

CN brokers are poised for a strong Q2 (listed brokers recorded 39% YoY growth in Q1

recurring NPAT), with broad-based gains across major business lines. Market momentum

has held firm into Q2. In Q2-to-date, A-share stock ADT jumped to Rmb2.8 trn, up 1.2x

YoY (vs.