CITIC Securities (06030.HK) Ranks on Hong Kong Stock Hot List; CSRC Deregulation Policy as Core Catalyst

This analysis is based on the Hong Kong Stock Popularity List information of Eastmoney APP released at 16:30:05 UTC+8 on December 11, 2025 [0], focusing on the event of CITIC Securities (06030.HK) being popular. CITIC Securities is a leading enterprise in the financial services-capital market sector, listed on both A-share (600030.SS) and Hong Kong stock (06030.HK) markets with identical businesses and highly linked stock price trends. The core catalyst for this popularity is the deregulation policy statement by Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC) [1]: it will strengthen classified supervision, ‘support excellent and restrict inferior’, appropriately ‘loosen’ high-quality institutions, optimize risk control indicators and open up capital space. This policy expectation has driven the collective rise of Chinese securities firms’ stocks: CITIC Securities’ Hong Kong stock rose by 3.69% in 3 days [1], and its A-share rose by 4.01% in 5 days [0].

1. Priority of Policy Dividends for Leading Securities Firms
   : As an industry leader, CITIC Securities will directly benefit from the expanded capital space brought by deregulation, with clear potential to improve ROE [2]. Citi Research Report points out that policy support will further consolidate its industry position [2].
2. Reference Value of A-H Share Linkage
   : Since they belong to CITIC Securities with identical businesses, the price trend of A-shares (such as reasonable valuation with a P/E ratio of 14.94x and P/B ratio of 1.50x [0]) can serve as an important reference for Hong Kong stock investment decisions.
3. Sector Synergy Effect
   : Chinese securities firms’ stocks such as Huatai Securities (06886.HK) and Guotai Haitong (02611.HK) rose by 3%-6% in the same period [1], indicating the market’s collective recognition of policy benefits; the sector’s popularity can be followed continuously.

• Policy-driven Profit Growth
  : Deregulation will expand the company’s capital utilization space, improve ROE level, and the long-term profit prospect is positive [2].
• Market Premium for Leading Position
  : As a top enterprise in the industry, CITIC Securities will further widen the gap with small and medium-sized securities firms under policy dividends, and there is room for improvement in market valuation [1].

• Policy Implementation Risk
  : The specific details of deregulation have not been announced, and there is uncertainty about the actual impact [1].
• Global Macro Volatility Risk
  : The Hong Kong stock market is greatly affected by global factors such as Fed rate hike expectations and geopolitical issues, which may trigger stock price corrections [1].
• Increased Industry Competition
  : Deregulation may lead to intensified competition among leading securities firms, affecting the company’s market share [1].

CITIC Securities (06030.HK) has become a popular Hong Kong stock due to the CSRC’s deregulation policy for high-quality securities firms, with its Hong Kong stock rising by 3.69% in 3 days [1] and its A-share rising by 4.01% in a linked manner [0]. Institutions are optimistic about its prospect of benefiting as a leading securities firm, and the A-share valuation is in a historically reasonable range [0]. Investors need to pay attention to risks such as policy implementation, market fluctuations and competition, and make comprehensive judgments combining A-H share linkage.