Daily Summary of Investment Bank/Institution Views (2025-12-30)

Mini Program: Daily Investment Bank/Institutional Viewpoints Summary - International 1. UBS Group: Raised gold price forecast, expected to reach $5,000 in the next year. On Monday, UBS Group increased its gold target price for the first three quarters of 2026 to $5,000 per ounce and projected that the gold price would retreat to $4,800 per ounce by the end of 2026, up from the previous forecast of $4,300 per ounce. The bank anticipates that gold demand will steadily rise throughout 2026, supported by low real yields, ongoing concerns about the global economy, and uncertainties surrounding U.S. domestic policy, particularly those related to midterm elections and rising fiscal pressures. UBS Group

Golden10 DataDec 30, 2025 16:04

Express News | Securities firms may report algorithm abuse and other violations by IT service providers to regulators.

BreakingsDec 16, 2025 11:13

Year-on-year growth exceeding 40%, brokerages' bond issuance scale reaches a new high for the year.

Gelonghui, December 15th | According to the Economic Information Daily, since the beginning of this year, the scale of bond issuance by securities companies has significantly increased. Data shows that as of December 11th, when the reporter filed the report, a total of 75 securities firms have cumulatively issued 954 bonds since 2025, with an aggregate issuance size of approximately RMB 1.77 trillion, setting a new record in issuance volume. Meanwhile, both the number and scale of bond issuances have increased by more than 40% year-on-year. Among them, four leading securities firms have each issued bonds exceeding RMB 100 billion within the year, accounting for a substantial proportion of the industry's total bond issuance. Experts believe that market conditions, financing costs, and policy guidance collectively drove the record-high scale of bond issuance by securities firms.

Gelonghui FinanceDec 15, 2025 09:06

The A-share securities sector has significantly underperformed the market year-to-date, while Securities ETFs, Hong Kong Securities ETFs, and Brokerage ETFs have strongly attracted capital in the second half of the year.

Year-to-date, Chinese assets have led global markets, with major A-share indices posting significant gains and the Wind All A Index surging over 25%. In contrast, the CSI Full Index Securities Company Index, which represents the overall performance of the brokerage sector, rose by only 1.8% during the same period, clearly lagging behind the broader market trend. The Hong Kong Securities ETF gained over 41% year-to-date, while the A-share Securities ETF rose by 5%. Industry insiders note that listed brokerages’ net profits attributable to shareholders in the first three quarters of 2025 are expected to increase by 62.4% year-on-year. The divergence between earnings growth and stock price performance has widened the gap between valuation and profitability in the securities sector, creating a situation worthy of attention.

Gelonghui FinanceDec 9, 2025 15:29

BOCI: Valuation of the securities sector has room for upward revision; focus on two main themes.

It is recommended to focus on two main themes: the expanding advantages of leading integrated securities firms and the differentiated development of distinctive small and medium-sized securities firms.

Zhitong FinanceDec 8, 2025 14:35

Express News | Institutions Intensify Research on Brokerages to Explore New Drivers of Performance Growth

BreakingsDec 8, 2025 07:04