Goldman's Take: CICC Buy vs East Money Sell

Goldman Sachs Asia's July 21 research reveals traditional Chinese brokerages posted robust 50%+ H1 2025 earnings growth. CICC leads with 55-78% net profit surge, earning a Buy rating. Fintech sector shows clear divergence: East Money faces structural headwinds from ETF disruption and retail trading flow decline, maintaining Sell rating. Hundsun faces near-term pressure but benefits long-term from rising brokerage IT spending. FUTU and Tiger boosted by "stablecoin narrative" but crypto contribution remains minimal, with valuations reaching peer group upper-mid range. Hong Kong business emerges as key growth driver, with IPO recovery providing significant upside for brokers with substantial HK exposure.

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Two CFA professionals crack open everyday’s Wall Street Journal, distilling the essential headlines, the biggest winners and losers. The show is conversational—no jargon, no rambling—but backed by decades of combined experience on the research desk and trading floor. Perfect for your commute, coffee break, or pre-market scan.