The Zhitong Finance App learned that Chinese brokerage stocks generally rose today. As of press release, GF Securities (01776) rose 4.83% to HK$6.94; CICC (03908) rose 4.37% to HK$8.36; CITIC Securities (06030) rose 3.63% to HK$12; and CITIC Construction Investment Securities (06066) rose 1.91% to HK$5.34.

According to the news, on September 19, the Federal Reserve announced a 50 basis point cut in interest rates. The market generally believes that the Fed's interest rate cut will open up domestic policy space. Liu Gang, a researcher at CICC's research department, believes that if domestic easing is stronger than the Federal Reserve, it will give the market a greater boost; if the magnitude is limited, it is also a more likely situation under current realistic constraints, then the impact of the Fed's interest rate cuts on the Chinese market may be marginal and partial.

Tianfeng Securities previously pointed out that in the first half of 2024, all business lines of brokerage firms declined, and the pressure on the investment banking business clearly dragged down the competitive pattern: the concentration of leading brokerage firms was further strengthened under the Matthew effect; from the perspective of performance flexibility: self-operated businesses were the main force for high performance growth. Continued policy dividends are compounded by “leading brokerage firms becoming stronger and better,” and the brokerage sector is expected to start a bull market. It is recommended to focus on leading brokerage firms with high performance flexibility (high share of brokerage business) and expectations for restructuring.