Xin Lang Cai Jing·2025-12-15 23:56Core Viewpoint - The report from CITIC Securities indicates that the securities sector is expected to experience sustained growth driven by favorable policies in 2026, leading to a potential revaluation of the sector [1] Group 1: Industry Growth Outlook - The securities industry is entering a new growth cycle in 2025, although brokerage stocks have underperformed due to a lack of independent catalysts and the continuation of pessimistic sentiment from previous years [1] - Three core favorable factors—service for new productive forces, long-term capital entering the market, and opportunities for brokerage internationalization—have not yet been fully priced in by the market [1] Group 2: Future Performance Drivers - The new drivers of investment banking, asset management, and international business are expected to gradually materialize in the industry fundamentals after 2026, providing solid support for medium to long-term performance resilience and elasticity [1] - There is no need to worry about a growth gap, as the aforementioned factors are anticipated to support the industry's performance [1]