China-affiliated brokerage stocks rose collectively in the afternoon, as of the deadline of this report, $CMSC (06099.HK)$ up by 11%, $CITIC SEC (06030.HK)$ up by 8.76%, $CSC (06066.HK)$ up by 9.09%, $CICC (03908.HK)$ Up by 6.63%, $CGS (06881.HK)$ up by 7.17%.

On the news front, on November 6, China International Capital Corporation announced that the board of directors meeting approved the appointment of Zou Yingguang as the company's general manager. The selection of the general manager, which has been vacant for nearly half a year at China International Capital Corporation, has been finalized. It is reported that the general manager position, which has been vacant for more than a year at China Securities Co., Ltd., is also about to be filled, with former senior executive of China International Capital Corporation, Jin Jianhua, taking the role. With the personnel changes taking place, speculation about the merger of these two leading brokerages continues to ferment.

Cai Xin Securities previously pointed out that the concentration of the brokerage industry is relatively low, policy support is in place to create 'aircraft carrier-level brokerages', there is strong anticipation for mergers and acquisitions, benefiting from the bullish policies of market cap management and M&A market reform taking effect. Coupled with the continuous recovery of trading volume in the capital markets, it is expected that brokerages will still have opportunities for active trading. Kaiyuan Securities stated that since October, trading volume in the market has remained high, combined with a low base, it is expected that the year-on-year growth rate of brokerage fourth-quarter performance will be significantly stronger than the third quarter.

Editor/Rocky