21 April 2026 | 7:32PM HKT Equity Research CHINA FINANCIAL SERVICES Banks over brokers: positioning for 1Q26 earnings Recent preliminary results for 1Q26 from CICC and CITICS indicate that their revenue and profit significantly exceeded GSe expectations (CICC net profit +65~90% yoy, surpassing GSe by 27%~46%; CITICS net profit +57% yoy, surpassing GSe by +25%). While some investors we have spoken with are bullish on brokers due to the recovering Hong Kong IPO market, our view differs. Within the financial s ...