CITIC Securities' research report on September 25th stated that they are bullish on the current stage of brokerage stocks in terms of allocation value. The establishment of structural monetary policy tools and related supporting policies have been successively introduced, which is conducive to boosting market sentiment. If the equity market is repaired, it is expected to bring stabilization and recovery to the fundamentals of brokerages; on the other hand, the active M&A restructuring market under the "six guidelines for M&A" is improving market value management guidelines to enhance the investment value of listed companies. The optimization and improvement of the underlying institutional framework of the capital markets is bullish for brokerages with financial advisory advantages and undervalued leading brokerages.