Xin Lang Cai Jing·2026-01-26 12:31Core Viewpoint - The securities industry is expected to enter a new growth cycle in 2025, but broker stocks have underperformed due to a lack of independent catalysts and the continuation of pessimistic sentiment from the previous two years [1] Group 1: Industry Outlook - In 2026, policy benefits are anticipated to drive sustained performance growth, leading to a potential revaluation of the sector [1] - The current favorable conditions, including "serving new productive forces, long-term capital entering the market, and opportunities for broker internationalization," have not been fully priced in by the market [1] Group 2: Business Dynamics - The new growth drivers in investment banking, asset management, and international business are expected to gradually materialize after 2026, providing solid support for medium to long-term performance resilience and elasticity [1]