Fitch: Expects profits of Chinese securities firms to continue recovering in the second half of 2025.

Fitch Ratings expects that the increase in trading volume, the growth of technology-related investments, and loose monetary policy will support the continued recovery of profitability for Chinese securities firms in the second half of 2025. Against the backdrop of a favorable capital market environment, the securities industry's dependence on market-sensitive revenue is increasing. However, Fitch believes that the adequate capital levels of securities firms will provide them with a buffer to cope with increased volatility in the capital markets.