According to Zhitong Finance APP, China-affiliated brokerage stocks continue to rise. As of the time of writing, China Merchants (06099) is up 3.23%, at 15.32 Hong Kong dollars; SWHY (06806) is up 2.05%, at 2.49 Hong Kong dollars; China International Capital Corporation (03908) is up 1.62%, at 13.76 Hong Kong dollars; Citic Sec (06030) is up 1.36%, at 22.35 Hong Kong dollars.

On the news front, several departments including the People's Bank of China recently jointly issued the "Action Plan for Promoting High-Quality Development of Digital Finance." It clearly states that by the end of 2027, a financial system highly adaptable to the development of the digital economy is to be basically established. In addition, Citic Sec stated that the 2024 Central Economic Work Conference is expected to be held in mid-December, which will analyze the current economic situation and set the economic work goals for 2025. The conference is expected to maintain a positive tone for next year's macroeconomic policy, and subsequent new policy deployments will significantly boost market confidence.

Kaiyuan Securities points out that the market transaction volume has decreased for three consecutive weeks, but it remains highly active overall. The beta characteristics of the brokerage and insurance sectors are prominent, with institutional allocation and valuations still low, so it is recommended to actively increase allocation at this stage; the trading proportion of individual investors has significantly increased, and the trading volume has exceeded expectations, which is bullish for the brokerage sector from both performance and trading sides, highlighting strategic opportunities in the brokerage sector; at the individual stock level, the current market sentiment and style influence is stronger than the fundamentals, and there is a bullish outlook for traditional brokerages with undervalued and retail advantages, with high growth in earnings expected year-on-year.