Chinese securities firms rose broadly in early trading. As of press time, GF SEC (01776) gained 4.13% to HK$18.64; DFZQ (03958) rose 3.67% to HK$7.34; EB SECURITIES (06178) climbed 3.64% to HK$10.82; CITIC SEC (06030) increased 2.65% to HK$28.66.

On the news front, on September 5, the CSRC sought public opinions on revising the management regulations for public fund sales fees, proposing comprehensive reductions in sales fees. Additionally, recent data disclosed by the Shanghai Stock Exchange showed that A-share market new account openings reached 2.6503 million in August, rising for three consecutive months with significant year-over-year growth of 165%.

Minsheng Securities believes that the high growth trend in securities firms' first-half 2025 performance continues. As the capital market stabilizes and improves this year, with sustained high market trading activity, the recovery trend in securities firms' performance is expected to continue. The steady advancement of public fund fee reforms is expected to reduce trading costs and continuously enhance funds' willingness to enter the market.

A JP Morgan report noted that mainland securities firms' operational data continued to improve in August, with A-share daily average turnover rising to RMB 2.3 trillion, the highest monthly level in history. Daily average turnover exceeded RMB 2 trillion for 18 consecutive trading days, margin financing balance reached a record high of RMB 2.28 trillion in early September, and securities firms' new account openings increased 35% month-over-month to 2.65 million. Media reports indicate increased interest from both new and existing clients to enter the market. The bank maintains a positive view on the securities sector, seeing upward potential for securities firms' revenue and investment income in the third quarter.