CITIC Securities: It is expected that by 2027, the dividend yield of the securities industry is to be on par with traditional dividend sectors.

A CITIC Securities research report states: On the value side, under an environment of improving fundamentals, valuation pressure, and stable dividend payout ratios, the securities industry possesses value investment attributes supported by dividend income for the first time. It is expected that by 2027, the dividend yield may be comparable to traditional dividend sectors, and the dividend attributes will continue to strengthen under the trend of a rising ROA floor and steadily expanding leverage. On the growth side, the construction of first-class investment banks has broad prospects. Around enhancing retail customer wealth management capabilities, optimizing comprehensive service capabilities for corporate clients, and improving trading support capabilities for institutional clients, the securities industry has development space in buy-side advisory, corporate banking, and investment and trading businesses. Policy reforms in areas such as leverage expansion, third-party depository, license reform, and mergers and acquisitions are worth anticipating. It is recommended to focus on high-growth securities companies whose value investment potential has been fully demonstrated.