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.