【出版时间及名称】：GS-Asset Managers：Positive on valuation&volume rebound；CS to C-Buy, CMS to Buy-100722
      【作者】：GS
      【文件格式】：pdf
      【页数】：33
      【目录或简介】：
Cyclical rebound likely given low valuations and turnover rebound
Share prices of China brokers under our coverage have fallen 26%-50% ytd
on lower trading turnover and commission fee rates. Given sharply lower
valuations, we are turning more constructive on the sector given: 1) Ashare
broker valuations are close to recent trough levels based on our
downwardly revised estimates, and even below our bear-case scenario
valuations; 2) turnover may have troughed as recent A-share valuation and
free-float velocity were both near historical trough levels; 3) potential
macro policy easing and improving M2 growth trends in late 3Q could
support a rebound in A-share turnover; and 4) the pace of commission fee
rate decline could moderate as commission rates approach break-even
points for smaller brokers and the pace of trading outlet openings slows.