Group 1 - The core viewpoint is that Bank of America Securities expects Chinese brokerage firms to see significant profit growth in the coming years, driven by strong brokerage fees and stock trading revenues [1][2] - The average net profit for Chinese brokerages is projected to grow by 9% quarter-on-quarter and 21% year-on-year by Q3 2025, with leading firms like China International Capital Corporation (CICC) and CITIC Securities expected to achieve year-on-year profit growth of 258% and 116% respectively [1] - Despite strong fundamentals, H-shares of brokerages underperformed in September due to concerns over growth from Q4 2025 to H1 2026 and state-owned enterprises reducing their holdings [1] Group 2 - Bank of America Securities has raised its earnings forecast for Chinese brokerages for 2025 to 2026 by 0% to 13%, anticipating an average profit growth of 30% for major listed Chinese brokerages [2] - The daily average trading volume forecast for A-shares has been increased by 14% to a range of RMB 1.6 trillion to RMB 1.7 trillion [2] - The target prices for H-share brokerages have been raised by an average of 4% to reflect higher profit expectations, with key catalysts including abundant market liquidity and potential regulatory easing [2]