On June 22, China Merchants Securities (06099.HK) rose 3.35% in regular trading, trading at HKD 17.22/share, with turnover of HKD 55.32 million.

On the news front, since early June the brokerage sector has witnessed a rare wave of bond credit rating upgrades. Multiple firms including CICC Wealth Management, Northeast Securities, Great Wall Securities, Huaan Securities, and Zheshang Securities have had their subordinated bond ratings upgraded from AA+ to AAA. The upgrades reflect strengthened overall capital positions across the industry, as the active A-share market in 2025 drove sector-wide revenue growth of 19.95% and net profit growth of 31.20%, with total assets reaching RMB 14.83 trillion. Year-to-date brokerage bond issuance has reached RMB 1.15 trillion, nearly double the prior-year period.

Sector peers rallied broadly, with GF Securities up 4.31%, CITIC Securities up 4.04%, and CICC up 3.08%. Institutions suggest the current earnings-valuation mismatch presents a left-side positioning opportunity for the brokerage sector.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)