GF Securities Co. (1776.HK): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

GF Securities Co. (1776.HK): Asia Financials Corporate Day Takeaways

Equity Research

24 June 2026 | 11:35PM HKT

Shuo Yang, Ph.D.

+852-2978-0701 | shuo.yang@gs.com

Goldman Sachs (Asia) L.L.C.

Claire Ouyang

+852-2978-6686 |

claire.x.ouyang@gs.com

Bottom line: We hosted GFS’s board secretary and IR team at the Asia Financials

Corporate Day and summarize the key takeaways as follows: According to the

company, 1) Regulatory Update: Media reports indicate a suspension of new

cross-border equity TRS, though specific details are pending. Even if restricted, GFS

can continue to utilize QDII and Southbound Stock Connect to satisfy institutional

cross-border investment demand. 2) International Expansion: Following a HK$

6.1bn placement, GF Hong Kong’s net capital is projected to reach HK$ 16.5bn,

primarily supporting capital-intensive trading and institutional services. 3) Leverage

& ROE Optimization: The new comprehensive risk management measures

significantly benefits GFS’s domestic risk indicators. Concurrently, GF Hong Kong’s

higher leverage (~10x) and profitability are expected to continually enhance the

Group’s overall ROE. 4) Wealth Management: With a notable 2Q26 market activity

rebound, management maintains an optimistic market outlook. Furthermore, the

industry-wide average commission rate is expected to have limited room for further

downside. 5) Asset Management: The financial impact of the three-phase public

fund fee reduction has been fully absorbed. Strong 1Q revenue and profit growth at

E Fund and GF Fund demonstrate that robust AUM expansion is successfully

offsetting fee-reduction pressures. 6) AI Contribution: AI monetization stems from

scalable wealth management advisory applications and strategic investments on