Chinese brokerage stocks extended their afternoon decline. As of press time, SWHY (06806) fell 5.44% to HK$3.3; DFZQ (03958) dropped 5.29% to HK$7.87; CSC (06066) declined 4.63% to HK$14.02; CITIC SEC (06030) fell 4.3% to HK$28.9.

On the news front, the Shanghai Composite Index recently hit a new 10-year high, with Shanghai and Shenzhen trading volumes exceeding 3 trillion yuan. Market analysts point out that the market's surge with heavy volume reflects strong capital sentiment. Meanwhile, the significant rise in implied volatility signals rapidly increasing speculative activity.

Looking ahead, if market trends and implied volatility accelerate upward, the market may adjust in the short term to return to rationality. If the market continues its "slow bull" pattern with implied volatility remaining stable or declining significantly, market volatility timing may be delayed compared to the former scenario.

JPMorgan released a research report stating that bullish narratives are gaining increasing recognition among retail investors, yet securities industry valuations remain far below their 2015 bull market peaks. The firm expects the market's upward trend to strengthen further, as leverage levels remain moderate and valuations are not excessive. The bank recommends investors increase market risk exposure through brokerages.