Securities research interprets industry valuation repair and business growth in 2026.

Multiple securities firms are assessing their business layout and market opportunities for the coming year, and they generally hold an optimistic outlook for the securities industry in 2026. Key areas of business growth include wealth management, investment banking, internationalization, and technological empowerment. Zhongjin Securities predicts that market turnover in 2026 is expected to remain high, and the pressure of commission reduction and fee reduction is easing, with traditional brokerage business revenue possibly staying at a high level. Huatai Securities states that the large wealth management business is entering an upward trend, with strong new account openings for A-shares and margin trading, and continuous record highs in financing balances. Guotai Junan believes that retail and international business will be new highlights in the industry. Valuation repair is expected in the sector, and CITIC Securities predicts that the securities industry's return on equity is expected to improve in 2026, with potential for valuation repair and structural opportunities.