Guotai Junan Securities: Bullish on top securities firms with advantages in international layout showcasing stronger performance resilience and growth potential.

Guojin Securities' research report indicates that, under the support of policies and the driving force of the development needs of securities firms themselves, deepening the international business layout has become a clear trend. The higher leverage and ROE of overseas business are important drivers for securities firms to open up long-term profit space. International business is influenced by factors such as financial strength, business qualifications, brand advantages, and layout scope, forming a relatively high degree of concentration. We are optimistic that leading securities firms with advantages in international layout will demonstrate stronger performance resilience and growth potential.