Hong Kong stock concept tracking | Continued resolution of investment pressure points Securities brokerage sector bottom gradually solidified (with concept stocks)

According to Wind, in the first quarter of 2026, the average daily turnover of stocks in the capital market reached 2.58 trillion yuan, an increase of 30.8% compared to the previous quarter and 69.7% compared to the same period last year, significantly higher than the average daily level of 1.73 trillion yuan in 2025. The highly active market trading will continue to boost broker business income and stabilize industry performance growth. Of the 25 listed securities firms that have disclosed their performance, revenue and net profit attributable to the parent company increased by 31.03% and 45.54% year on year, respectively, with profit elasticity significantly higher than revenue. Brokerage and proprietary businesses are the core drivers of performance growth, with all main businesses showing growth. The industry's top players continue to maintain a stable position, while smaller and medium-sized securities firms are demonstrating stronger performance elasticity. China Securities Co., Ltd. pointed out that the trading activity in the A-share market in 2025 significantly increased, the operating environment of the securities industry continued to improve, and performance achieved high growth. Regulatory policies are driving the industry towards a new stage of high-quality development. The current sector valuation is at historically low levels, with potential for further upside. CITIC SEC released a research report stating that the high trading activity in the market and the relaxation of regulations in the investment banking derivatives sector are the main themes driving the improvement in the securities industry's performance this year. Currently, the PB and PE valuations of the brokerage sector are in the bottom 20% percentile of the past decade, providing a high level of safety margin for investment. Continued activity in fundamentals, policies, and themes is expected to be a key driver in helping to improve valuations. Recommendations focus on companies with high certainty of performance growth and improvements in industry competitiveness, leveraging synergies from mergers and acquisitions and capital efficiency enhancements. Large institutions in the industry are expected to continue improving shareholder returns and market share. Top securities firms and medium-sized brokerages are recommended. Hong Kong concept stocks related to Chinese securities firms: Huatai (06886), GF SEC (01776), China Galaxy (06881), Guotai Haitong (02611), CICC (03908), CITIC SEC (06030), China Securities Co., Ltd. (06066), Orient (03958), EB SECURITIES (06178), Shenwan Hongyuan Group (06806), CC SECURITIES (01375), Guolian Minsheng (01456), etc.