CITIC Securities: The three core positive factors of the securities industry have not been fully priced by the market.

Guotai Junan Securities released a research report stating that the securities industry will enter a new growth cycle by 2025, but brokerage stocks have performed poorly due to the lack of independent catalysts and the continuation of pessimistic sentiment from the past two years. In 2026, policy support will drive continued performance growth, and the sector is expected to be repriced. Guotai Junan stated that the current core positive logic of "serving new quality productivity + medium to long-term capital entering the market + brokerage internationalization opportunities" has not been fully priced in by the market. The new drivers such as investment banking, asset management, and international business are expected to gradually materialize after 2026, providing solid support for the industry's fundamentals and resilience in the medium to long term.