We recently met with over 60 institutional investors (including insurers, mutual funds, offshore hedge funds and long-only) during marketing in Beijing/Shenzhen/Guangzhou/ Hong Kong. Key takeaways: 1) Investors' interest in the brokers sector has increased notably. During this round of marketing, we note that more generalist analysts are looking at the sector, vs mostly financials analysts before. 2) They mostly affirm the value of the sector at present (given the stable/improving market, regulatory relaxat ...