Gronghui September 14 | BoCom International released a research report saying that mainland securities firms' ratings are "consistent with the industry". Industry valuations return to an attractive range, and it is expected that with increased policy support and the gradual emergence of policy cumulative impact, it will bring incremental funds to the market and drive the stock market to recover. In the medium to long term, the bank believes that head brokerages will fully benefit from the transfer of household wealth to the capital market, as well as the institutionalization and internationalization of the capital market, maintaining the "buy" ratings of Huatai, CITIC Construction Investment, CITIC and China International Capital Corporation. Profits of 43 A-share listed brokerages rose 13.6 per cent in the first half of the year, below the bank's expected 15 per cent growth rate of 20 per cent, the report said. The head brokerage profit growth rate is lower than the combined growth rate of listed securities firms. The net profit of the top 10 securities firms with assets increased 2.2% compared with the same period last year, which is lower than that of listed securities firms as a whole, mainly due to the soundness of proprietary investment business and relatively low elasticity. The head brokerage interest expense growth rate is higher than that of listed securities firms as a whole, and the bank estimates that it mainly comes from rising financing costs for overseas operations.