高盛：中国金融-整体积极趋势下的选股差异_中金公司 - H 股（买入）与富途（中性）、恒生电子（买入）与东方财富_中国券商及资管机构

19 June 2025 | 7:30PM HKT China Brokers & Asset Managers Stock selection differences amid overall positive trend. CICC-H (Buy) and FUTU (Neutral), Hundsun (Buy) and East Since May, broker and fintech stocks (including FUTU, East Money and Hundsun) have performed well, with average returns of +27%/+9% vs. +8%/+3% for the H/A share index. Looking back at the factors that we mentioned could constrain broker and fintech valuations (see our May report), we believe positive changes on ADTV and turnover - which ar ...