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<Research>Citi: Recently Announced Incremental Policies Not as Historic as Last Sep, But Still Positive to CN Banks/ Brokers
Recommend 27 Positive 36 Negative 9 |
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The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly held a press conference yesterday to announce a series of major upcoming policies, according to a report from Citi. While this round of policies is not as historic as the policy package introduced on September 24, 2024, the supportive measures will still help stabilize the real estate sector and small- and medium-sized enterprises, ease the impact of tariffs on export companies, and effectively control non-performing loan risks in the short term. For Chinese banks, improvements in asset quality and enhanced debt sustainability will be key drivers, which are expected to drive up their re-rating, though attention must still be paid to NIM pressure. Driven by these supportive policies, Citi estimated brokers with high sensitivity to average daily turnover (ADT) to be beneficiaries, including East Money (300059.SZ), GF SEC (01776.HK), and CGS (06881.HK). However, the broker was more upbeat about CGS compared to East Money. AAStocks Financial News |
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