Soochow Securities' research report pointed out that gtja and Haitong Securities announced the disclosure of the merger proposal of the two brokerages. In this absorption merger, gtja plans to issue no more than 10 billion yuan of A-shares to raise matching funds from its controlling shareholder, Shanghai State-owned Assets Company. The two brokerages plan to resume trading in advance on October 10. The implementation of capital market support policies in batches and the catalyst provided by the merger of brokerage giants firmly support the overall bullish outlook for the non-ferrous sector. The policy shift driving market trading activity is the current investment theme for the non-ferrous sector; the sustainability of market trading activity is a key factor. Against the backdrop of the release of the merger proposal between gtja and Haitong Securities, the two brokerages have significant room for further upward movement after resuming trading (during the suspension of trading for gtja and Haitong Securities, the ranges of the SW non-ferrous financial/SW securities II indices were 50%/42% respectively), expecting further catalysis in the sector's market. Recommended focus: Citic Securities, gtja, East Money Information, HTSC, China Merchants Securities, etc.