Opening Securities 2026 Strategy: still low valuations in the brokerage sector, continue to be optimistic about strategic allocation opportunities

Open Source Securities Research Report indicates that in the securities industry, the prosperity is expected to continue, with valuations still at low levels, and good opportunities for strategic sector allocation. The top-level design of the "15th Five-Year Plan" sets a positive tone for the capital market, and securities firms are expected to continue to share the dividends of development; under the guidance of internal growth, the ROE of leading securities firms in this round is expected to significantly expand, with valuations still at low levels, continuing to favor strategic sector allocation opportunities, and focusing on subsequent trading volume and policy catalysts. In the insurance industry, the outlook for performance and liabilities is optimistic, with a focus on the release of assets. Under the high base of performance, the year-on-year expansion is emphasized, with significant equity flexibility; the marginal improvement in the liability side of life insurance, and the return of COR of property insurance. Looking forward to 2026, maintaining a high ROE, liabilities are expected to grow steadily, with a focus on interest rate catalysts.