Guosen Securities: RWA Development Catalyzes Brokerage Sector Market, Follow-up Industry Still Has Double Potential

Guosen Securities released a research report stating that Robinhood's model of laying out virtual asset-related businesses has certain reference significance for Chinese securities firms entering related businesses. Under compliance background, obtaining relevant licenses, promoting asset on-chain, exploring PFOF business forms may enhance their profitability. Given the fast development speed of the RWA currently, the follow-up may continuously catalyze the securities sector market. Combining the securities sector's own PB-ROE valuation paradigm, the bank believes that the follow-up securities sector still has double-digit potential. Maintaining an "outperform market" rating for the industry.