April 10, 2026 09:25 AM GMT China Brokers | Asia Pacific Time To Catch Up Key Takeaways We think brokers with strong institutional franchises will continue to outperform in 2026. Notable market share changes in 2025 include: Investment banking: Fee concentration increased among top underwriters. CITICS, CICC, and HTSC gained 4.2ppt, 3.9ppt, and 1.9ppt market share, respectively, in 2025. Derivatives: CICC, CITICS, and GFS increased market share on strong demand from institutional investors. Their equity der ...