Hong Kong Stock Concept Tracking|Capital Market Investment and Financing Reform Deepens Valuation Repair in the Chinese Brokerage Sector (with concept stocks)
The Zhitong Finance App learned that the Ministry of Finance released data showing that stamp duty on securities transactions of 185.5 billion yuan increased 70.7% year-on-year from January to November 2025.
Recently, Changjiang Securities and Dongwu Securities announced an increase in the upper limit of the two finance businesses. Among them, Changjiang Securities raised the upper limit of the total scale of credit business to 300% of net capital, while Dongwu Securities adjusted the upper limit of the total credit scale of the two financing loans to no more than 600% of net capital.
According to incomplete statistics, at least 9 brokerage firms have publicly adjusted their two finance businesses since 2025, including raising the upper limit of business scale and adjusting credit management methods.
According to market statistics, more than 80% of listed brokerage firms have paid dividends twice or more since this year. Among them, some small to medium listed brokerage firms have performed well in terms of total dividends. In response, industry insiders said that with policy guidance and improved brokers' performance, listed brokerage firms are expected to continue to optimize dividend plans in the future to provide shareholders with stable and predictable returns.
Galaxy Securities believes that the country's policy goals of “steady growth, stabilizing the stock market” and “boosting the capital market” will continue to set the future direction of the securities sector. Various factors such as continued moderately relaxed liquidity environment, continuous optimization of the capital market environment, and reshaping investor confidence will jointly drive the upward trend in the securities sector. In the current environment, medium- to long-term capital enters the market at an accelerated pace, market activity remains high, and the capital market is showing a “healthy bull” trend. Wealth management transformation, international business expansion, and fintech empowerment are all expected to drive the industry to increase ROE. Currently, sector valuations are at historically low levels, and both defensive rebound offense and defense are at their best. It is recommended to focus on leading brokerage firms with strong comprehensive strength, as well as brokerage firms with differentiated competitive advantages in financial management, proprietary management, and cross-border business fields.
According to the CITIC Construction Investment Research Report, in 2026, favorable policies will drive continued growth in performance, and the sector is expected to reprice. The securities industry entered a new growth cycle in 2025, but the excess returns of brokerage stocks were poor due to lack of independent catalysts and continued pessimism from the previous two years. Currently, the three core favorable logics of “service quality productivity+medium- and long-term capital entry + brokerage internationalization opportunities” have not been fully priced by the market. The new momentum driven by it, such as investment banking, asset management, and international business, is expected to gradually be realized to industry fundamentals after 2026, providing solid support for medium- to long-term performance flexibility and resilience, without worrying about growth gaps.
Hong Kong stocks related to Chinese brokerage firms:
Huatai Securities (06886), Guangfa Securities (01776), China Galaxy (06881), Cathay Pacific Haitong (02611), CITIC Securities (06030), CITIC Securities (06066), Oriental Securities (03958), Everbright Securities (06178), Shenwan Hongyuan (06806), Zhongzhou Securities (01375), Guomin Liansheng (01456), etc.