Accessible version Securities Broker/Dealer - China (H/A) 1H25 wrap-up: Fee income back in the game; mixed trading income in 3Q Price Objective Change Fee income back to double-digit growth after 3 years Brokers reported better-than-expected revenue and earnings growth in 1H25, backed by market sentiment rebound. Net profit grew by 40% YoY (excluding one-offs) in 1H25, or +33%/18% QoQ in 2Q25. Total operating income rose by 24% YoY, with 18% YoY growth in fee income and 48% YoY surge in trading income on av ...

Accessible version Securities Broker/Dealer - China BofA GLOBAL RESEARCH 8 Key A-share data points to watch Tier 1 data points: velocity, market leverage, turnover mix Industry Overview Velocity (annualized monthly turnover/free floating market cap): reflecting market activity level, updated on a daily basis, but could be volatile due to short-term turnover changes. The current velocity in Aug is at 560%, up from 467% in Jul. The current level is similar to 610-636% in Oct-Nov 2024, but below 680-910% in Ap ...