Ubs Group believes that china-affiliated brokerage stocks, as market betas, will benefit from both macroeconomic and capital market support measures in the mainland. On the macro level, there will be a reduction in reserve requirement ratio and policy interest rates, as well as guidance to lower the loan market quote rate (LPR), reduce existing mortgage rates, and lower the down payment requirements for second homes to align with first-home requirements. On the capital market side, guidelines will be established for managing the market cap of listed companies, requiring them to establish a regular repurchase mechanism and introducing new monetary policy tools to support the stable development of the stock market and guide long-term capital entry into the market. The Hong Kong-listed brokerage stocks covered by the research department of Ubs Group currently have a price-to-book ratio of only 0.4 times, at a historically low level. The industry is experiencing multiple positive catalysts: coordinated policy support, unprecedentedly announced cross-level capital market support measures, and accelerated inter-industryMergerImprovements in the industry environment are expected. Ubs Group believes that the industry concentration will continue to improve, with the major brokerages in advantageous positions in assets and wealth management, as well as institutional business likely to benefit the most. Ubs Group prefers citic sec and htsc, with target prices of 23.3 Hong Kong dollars and 13.1 Hong Kong dollars respectively, both rated as "buy".