CITIC Securities: Indonesia, the core emerging market in Asia-Pacific, has long-term value for strategic allocation

From a macro perspective, Indonesia's GDP growth rate remains at 5%, building a solid industrial foundation with a robust growth rate above the global average. From a meso perspective, the stock and bond markets continue to expand, and the number of investors is growing rapidly, demonstrating exceptional potential for capital market development. From a micro perspective, the retail client base continues to grow rapidly despite a low penetration rate, and institutional and overseas investors have significant influence, opening up opportunities for Chinese institutions to establish a presence. Overall, the Indonesian market is a key battleground for Chinese institutions in their global expansion journey, with outstanding potential in the fields of institutional brokerage, investment banking, and client-driven trading.