China-affiliated brokerage stocks continue to show strong performance recently. According to media reports, the number of new accounts in many brokerages has increased by 2 to 4 times in recent times. A senior executive at a large brokerage firm stated that for inactive user accounts, the daily number of customer recalls has increased by 3 to 5 times compared to the previous period. UBS Group believes that brokerage stocks will benefit from both macroeconomic and capital market support measures. The H-share brokerage stocks covered by the research department are currently trading at a price-to-book ratio of only 0.4 times, a historical low. China International Capital Corporation also believes that the performance, valuation, and holdings of the brokerage sector are currently at the bottom, with recent reserve requirement ratio cuts and interest rate reductions providing market liquidity, the creation of new policy tools supporting the development of the stock market, and an acceleration in industry consolidation and restructuring. It is recommended that investors pay attention to merger and acquisition transaction sentiment, market improvement, and rebound opportunities under the catalysis of internal and external policies.