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.
