中国券商及资产管理公司_因 AI 和 ETF 推动交易量上调券商盈利预期，偏好中信证券 A 股、中金公司 H 股、恒生电子

6 March 2025 | 7:45PM HKT China Brokers & Asset Managers Upgrading brokers earnings on AI and ETF driven trading volume; Prefer CITICS-A, CICC-H, Hundsun Five months after the policy stimulus at end-Sep 2024, A-share ADTV has surged to Rmb 1.9tn (vs. Rmb ~1.1tn in the 2020/2015 upcycles), creating strong upward momentum in trading volumes. We attribute this mainly to 1) increased capital inflows and turnover driven by the AI theme; and 2) continuous surge in ETFs boosting market trading volume. Consequently ...