中国券商与资管：2025 年第四季度预览- 业绩持续改善，但分化显现-China Brokers & Asset Managers_ 4Q preview_ Performance continues to improve, but divergence emerges

27 February 2026 | 8:16PM HKT Equity Research 1. Traditional brokers will continue to benefit from high ADTV and sufficient IPO pipeline. However, the key factors for performance divergence among different brokers lie in the room for leverage and ROE improvement brought by domestic regulatory easing on leverage and an increased proportion of overseas business. We are positive on CICC, whose international business proportion is significantly higher than other brokers, and we expect that the completion of its ...