【名称及出版时间】：高盛高华-中国：证券经纪及资产管理-091223.PDF
【来源】：高盛高华
【文件格式】：PDF
【页数】：31
【内容提要】：
More active capital markets theme intact, raising turnover estimates .....................................................2
Index futures and margin financing: positive catalysts if launched  ..................................................... .....7
Fee rate pressures to persist, albeit pace of decline may moderate  .....................................................12
Prefer diversified brokers with good expense control, low valuation  .....................................................13
Prefer banks over brokers; Industrial Bank & CNCB most attractive  .....................................................15
Initiate coverage on Everbright Securities with a Neutral rating  .....................................................16
Tweaking our estimates and target prices for China brokers; set 12-m TP for CES at Rmb22.4 ................. 21
Risks to our 12-m price targets and investment view  ....................................................25
Appendix: Financial summaries for CEL, CES and CS  .....................................................26
Disclosures   ..................................................... ..........................29