Riding capital market reforms 6
The changing landscape 14
New business: future drivers 19
Capital and leverage 30
Consolidation: unlikely a nearterm
trend 38
Overseas expansion risky 41
Valuation considerations 45
Company profiles 51
CITIC Securities (6030 HK) 53
Haitong Securities (6837 HK) 63
China Merchant Securities 71
Guangfa Securities 73
Huatai Securities 75
Guotai Junan Securities 77
Galaxy Securities 79
Guosen Securities 81
Appendix 1: Key trends
affecting the A-share market 83
Appendix 2: Key industry
drivers 86
Appendix 3: Sensitivity and
valuation bands 90
Appendix 4: Key industry
rankings 93
Appendix 5: Major leaguetables
97
Appendix 6: Branch
distribution, by region 99
Disclosure appendix 101
Disclaimer 104