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<Research>M Stanley: CN Brokers Receive Multiple Positive News; Financial System's Return to Prudent Development Benefits Capital Mkt; HK Expected to Benefit First
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The H-shares of brokers covered by Morgan Stanley have surged by 12.6% over the past 5 days, compared to a 3.3% increase in the HSI, with CMSC (06099.HK) leading the rise at 17.8%, Morgan Stanley released a research report saying. CICC (03908.HK) has been the best-performing broker YTD, with a total return of 45%, the broker noted. Morgan Stanley believed that a series of recent positive news indicate that the financial system is returning to a prudent development model, which is beneficial for the capital market, and expected the Hong Kong market to benefit first. Morgan Stanley forecasted CICC to continue achieving ROE recovery and valuation re-rating; Futu Holdings (FUTU.US)'s client asset inflow and trading velocity to benefit from strong trends in the Hong Kong market; CITIC SECURITIES(600030.SH) could accelerate its market share gains in mainland China if IPO pace picks up and restrictions on derivatives and short sells are relaxed. AASTOCKS Financial News Website: www.aastocks.com |
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