中国券商 - 资本市场活动应受益于 “十五五” 规划的科技聚焦-China Brokers-Capital Market Activity Should Benefit From the Tech-Focus in 15th FYP

October 24, 2025 08:23 AM GMT China Brokers | Asia Pacific Capital Market Activity Should Benefit From the Tech-Focus in 15th FYP Key Takeaways A share brokers stock prices have seen increased volatility in the past 2 months, as investors await more catalysts to see how earnings trends may diverge after the broad-based rerating since Sept 2024. We believe the market has already been pricing in a high level of ADT, likely Rmb1.6tn, to brokers earnings. However, a potential increase in fundraising activity is ...