Huatai Securities research indicates brokerage stocks have intensively released interim performance forecasts since July. Among 27 disclosed reports, major brokerages recorded 50%-80% year-on-year growth in net profit attributable to shareholders, while small and mid-sized firms mostly achieved 50%-120% gains, with several posting over 1000% surges (partially attributable to low-base effects). Wealth management, investment trading, and investment banking emerged as key growth engines, reflecting improved equity market sentiment alongside robust expansions in trading volumes and financing activities during the first half.

Looking ahead, the equity market remains underpinned by policies promoting "sustained stability and capital market vitality." Trading activity has maintained strong momentum since July, while Hong Kong's IPO market continues its recovery trajectory, creating favorable operating conditions for brokerages. Currently trading at discounted valuations with light investor positioning, the sector presents compelling opportunities for valuation recovery.