中国券商：牛市是否会持续，评估中国券商的上行空间-China Brokers_ Will Bull Market Continue_ Assessing Upside for China Brokers
2025-09-08 06:23
05 Sep 2025 16:32:15 ET │ 73 pages China Brokers Will Bull Market Continue? Assessing Upside for China Brokers CITI'S TAKE Despite recent rally, we see decent upside left for covered brokers as valuation remains undemanding vs. historical and key market matrix still indicate early stage of bull market in A-shr. With accelerating retail buying flow supporting trading activity, we revise up 25E/26E/27E ADT forecast by 10%-17% to RMB1.65tn/RMB1.90tn/RMB2.1tn. Assuming base case of "slow bull market"/ bull case ...