According to Zhithong finance APP, China-affiliated brokerage stocks further expanded their gains towards the end of trading; as of the time of reporting, China Merchants (06099) rose 7.3% to 14.4 HKD; Everbright (06178) rose 5.39% to 8.02 HKD; CSC (06066) rose 4.86% to 10.36 HKD; China International Capital Corporation (03908) rose 4.92% to 13.64 HKD.

On the news front, on the evening of November 21, GTJA and Haitong sec released a merger reorganization report (draft), further clarifying the details of the merger reorganization, and announced that a shareholders' meeting would be held on December 13. In addition, on the evening of November 20, Western Securities announced new progress in the acquisition of Guorong Securities: the financial audit has been completed and is now entering the stage of shareholder meeting review. According to previous announcements, Western Securities plans to acquire 64.5961% of Guorong Securities held by eight companies through a share transfer agreement, with a total consideration of approximately 3.825 billion yuan.

SWHY pointed out that the market's trading activity remains high, with a significant increase in client deposits at the end of the third quarter catalyzing the verification of market trading logic. Coupled with the expected recovery of subsequent equity investment banking income and public fund management fees, there is a bullish outlook on the brokerage industry's high growth in the fourth quarter under a low base. The pace of brokerage mergers and acquisitions has accelerated this week, and there is a bullish outlook on the competition pattern optimization and concentration improvement brought about by subsequent industry mergers and acquisitions.