CITIC Securities' Non-Bank 2026 Investment Outlook: The securities industry is expected to usher in a new upward cycle.

CITIC Securities released the non-bank investment outlook for 2026: Anchoring the core orientation of enhancing the inclusiveness and adaptability of the capital market system in the 14th Five-Year Plan, the securities industry is expected to usher in a new round of upward cycle, contributing to the construction of a strong financial country. The core driving force comes from three major policy opportunities: firstly, policy guidance to the capital market serving new productive forces. The deepening reform of the sci-tech innovation board and the growth enterprise board will promote the upgrade of investment banks and value creation, matching the financing needs of high-tech entities throughout their lifecycle, opening up long-term growth space for investment banking business. Secondly, policy improvement in the long-term investment ecosystem. The continuous opening of channels for long-term funds such as social security and insurance into the market promotes the expansion of equity products, activating the incremental business of brokerage asset management and institutional business, driving the industry towards a shift to allocation-driven transformation. Thirdly, policy support for the cultivation of first-class investment banks and internationalization complement each other. Chinese securities firms can accelerate international business breakthroughs by relying on the Chinese Hong Kong market and the mutual access policy, and mergers and acquisitions will help concentrate industry resources on leading firms, enhancing the capital strength and international competitiveness of leading securities firms.