中国券商 - 监管机构提议放宽 “优质券商” 杠杆限制；中金公司 ROE 上行空间明确-China Brokers & Asset Managers_ Regulator proposes easing leverage for 'high-quality brokers'; GFS_CICC well-placed for ROE upside

8 December 2025 | 2:12PM HKT Equity Research CHINA BROKERS & ASSET MANAGERS Regulator proposes easing leverage for 'high-quality brokers'; GFS/CICC well-placed for ROE upside Recently, the CSRC (China Securities Regulatory Commission) proposed to optimize evaluation metrics for 'high-quality institutions' (see here), moderately expanding their capital space and leverage ceilings, and increasing capital utilization efficiency. We believe this will help brokers fulfilling the criteria (yet to be provided by t ...