As of November 4, 2025, the price-to-book (PB) ratio of Chinese brokerage stocks stands at 1.53x, positioned at the 41.48th percentile over the past decade. Institutional holdings in Q3 2025 remained flat quarter-on-quarter at 0.90%, still below the standard allocation of 3.99%. Listed brokers reported robust earnings growth for the first three quarters.

The 42 listed brokerages achieved a net profit attributable to shareholders of RMB 169 billion, up 62% year-on-year, with adjusted net profit reaching RMB 162 billion, a 68% increase. In Q3 alone, adjusted net profit surged 97% YoY and 31% QoQ to RMB 67.7 billion. Brokerage and investment businesses were the primary growth drivers, with net revenue rising 75% and 44% YoY, respectively.

CITIC Securities notes that market focus on brokerage stocks may be overly concentrated on short-term trading pressures. Due to high YoY and QoQ comparables, Q4 trading activity is unlikely to deliver outsized profit contributions from agency businesses. However, a significant expectation gap persists, as the sector’s recovery now extends beyond brokerage and proprietary trading to investment banking and asset management.

China Merchants Securities highlights that amid a sustained "slow bull" market, brokers—traditionally seen as "bull market flag bearers"—remain undervalued and warrant increased attention and portfolio allocation.

Relevant Hong Kong-listed Chinese brokerages include: HTSC (06886), GF SEC (01776), CGS (06881), GTHT (02611), CICC (03908), CITIC SEC (06030), CSC (06066), DFZQ (03958), EB SECURITIES (06178), SWHY (06806), CC SECURITIES (01375), and GLMS SEC (01456).