CITIC Securities expects China’s securities industry dividend yield could be on
par with traditional dividend sectors by 2027. Key drivers are improving
fundamentals, valuation pressure and a stable payout ratio; a higher ROA floor
and steady leverage expansion should reinforce the sector’s dividend profile.
Growth runway rests with top-tier investment banks and expanded retail wealth
management, enhanced corporate client services and stronger institutional
trading support; buy-side advisory, corporate banking and trading businesses are
cited as development areas. Policy catalysts to watch include leverage
expansion, third-party custody, license reform and M&A. Recommendation: focus on
high-growth brokerages where valuation-led upside is already visible.
