Guojin Securities says the CSRC has made market stability its top priority while pursuing steady progress. Policy steps to bolster resilience include refining stabilization mechanisms, mobilizing mid-to-long-term capital, cracking down on illegal share reductions, and encouraging buybacks and stake increases; complementary financing-side reforms aim to boost market vitality. For brokerages, financing reform, further expansion of mutual market-access schemes and acceleration of building internati

Guojin Securities says the CSRC has made market stability its top priority while pursuing steady progress. Policy steps to bolster resilience include refining stabilization mechanisms, mobilizing mid-to-long-term capital, cracking down on illegal share reductions, and encouraging buybacks and stake increases; complementary financing-side reforms aim to boost market vitality. For brokerages, financing reform, further expansion of mutual market-access schemes and acceleration of building international-class investment banks should create opportunities in domestic and cross-border wealth management, investment banking and investment businesses. Against this stability-focused policy backdrop, Guojin views the low-valuation broker sector as offering attractive value.