CITIC Construction Investment: Securities sector shows triple improvement at the marginal level, performance is expected to exceed expectations in 2026.

CITIC Securities research report stated that the securities sector's three-tier improvement is on track, and better-than-expected performance can be expected in 2026. 1. The trend of significantly increased trading activity in the first half of the year is established, and the full-year growth may exceed expectations. 2. Eye-catching new account opening data at the beginning of the year, with retail investors accumulating incremental funds. 3. The scale of securities firms' bond financing is expected to expand significantly, driving leverage enhancement and potentially breaking through the industry's high ROE point.