Lyon's report indicates that mainland brokerage stocks it tracks delivered impressive third-quarter performance. In addition to Haitong Securities, overall net profit exceeded expectations due to strong investment income, mainly driven by the September stock market rebound and bond investment income. On average, mainland brokerage stocks' third-quarter brokerage revenue decreased by 9% quarterly and 14% annually, as commission rates fell and market activity weakened from July to August. However, it is expected that with the continuous growth of A-shares volume, brokerage revenue in the fourth quarter will rebound. The bank prefers China Galaxy in the short term, while Hong Kong Exchanges and Clearing remains its long-term top choice.