中国券商行业_进入强劲三季度业绩季，四大主题浮现-China Brokers & Asset Managers_ Four themes emerge going into strong 3Q results season

22 October 2025 | 10:30PM HKT Equity Research CHINA BROKERS & ASSET MANAGERS Four themes emerge going into strong 3Q results season The A-share market's ADTV reached Rmb 2tn in 3Q25, +153%/+37% yoy/qoq, with the overall trading volume reaching Rmb 134tn, +161%/+51% yoy/qoq. Based on the GS strategy team views and the perspective from our coverage of the banking sector, we expect household savings will continue to flow into the capital markets. This not only implies that the robust trend in brokers' earnings ...