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<Research>Citi: CN Policies Support A-shr Mkt; Top Pick DFZQ (03958.HK) Among CN Brokers
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Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), outlined policy directions to establish first-class investment bank through M&A or industry consolidation, and relaxed capital requirements for certain brokers, encouraging them to leverage up, Citi Research issued a research report saying. The CSRC sought opinions from fund management companies on the Guidelines for Performance Evaluation Management of Fund Management Companies to align the interests of public fund managers with the long-term performance of their funds, the report said. Moreover, policies continued to encourage insurers to adjust risk factors, thereby investing more long-term capital into the A-share market, demonstrating China's support for the market. The broker believed that Chinese brokers will benefit from the A-share market support policies, especially those with high leverage ratios such as CICC (03908.HK)(601995.SH), CITIC SEC (06030.HK)(600030.SH) and DFZQ (03958.HK)(600958.SH). It is expected that the ROE of Chinese brokers will further rise, potentially prompting a re-valuation of companies, with DFZQ's H-shares being its sector top pick. AASTOCKS Financial News Website: www.aastocks.com |
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