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Insper political scientist Carlos Melo said anti‑Bolsonaro sentiment outweighed voter concerns about a Lula return in the runoff; falling abstention and strong support in the northeast were key to the result. He said both Lula (first round) and Flavio (second round) were overconfident. Melo flagged Lula’s immediate market‑relevant challenge as assembling a team capable of ensuring effective governance and reengaging business leaders, financial markets, agribusiness and the middle class, saying his current team is insufficient and must be reshaped.

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.