Chinese brokerage stocks experienced a broad decline in Hong Kong trading. As of press time, DFZQ (03958) fell 4.28% to HK$6.94, CMSC (06099) dropped 4.11% to HK$14.47, CSC (06066) slid 3.67% to HK$12.09, and GLMS SEC (01456) declined 3.08% to HK$5.35.

The market sentiment was influenced by the U.S. Federal Reserve's October meeting minutes released on the 19th, which revealed a notable divergence among officials regarding a potential December rate cut amid moderate economic expansion and a gradually cooling labor market without severe deterioration.

CITIC Futures noted that this week's major asset movements were driven by the combined effects of expectations surrounding the U.S. government's reopening and reinforced liquidity easing prospects. Donghai Futures added that the Fed's recent hawkish signals have dampened global risk appetite.

In a separate development, China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities simultaneously announced trading halts, citing plans for a share swap merger where CICC would absorb the latter two brokerages.

Bai Xiaoxu, a non-banking analyst at AVIC Securities, commented that regulators are actively encouraging industry consolidation. Under policies promoting high-quality development in the securities sector, mergers and acquisitions serve as an effective means for brokerages to achieve external growth. Such consolidation enhances industry competitiveness, optimizes resource allocation, fosters market health, and improves concentration to achieve economies of scale.