中国券商 - 关于上调保证金比例的观点-China Brokers-Our Take On Raising Margin Ratio

January 14, 2026 08:20 AM GMT China Brokers | Asia Pacific Our Take On Raising Margin Ratio Key Takeaways … Rather than fueled by excess leverage, we think rising ADT is more a result of strong household financial asset growth, inflows to various institutional investors, and positive sentiment. Our outlook for broker business remains intact and constructive: despite high ADT at start of the year, our full-year expectation is Rmb1.77tn ADT, +4.9% YoY, which should be adequate to support a rebound in fundrais ...