The Zhitong Finance App learned that Chinese brokerage stocks declined in the afternoon. As of press release, China Financial Corporation (03908) fell 3.21% to HK$13.28; Guolian Securities (01456) fell 2.64% to HK$3.69; Orient Securities (03958) fell 1.87% to HK$3.68; and CITIC Construction Investment Securities (06066) fell 1.68% to HK$7.6.

According to a research report released by Guolian Securities, the cumulative main securities revenue of the 44 listed brokerage firms in the brokerage sector in the first three quarters was 311.6 billion yuan, up 7.3% year on year; total net profit was 116.2 billion yuan, up 6% year on year. The main securities revenue for the third quarter was 86.7 billion yuan, down 10% year on year, down 42% month on month; total net profit was 30 billion yuan, down 10% year on year and 27% month on month. The investment business was the main drag on the month-on-month decline in third-quarter results.

The bank believes that the current popularity of market transactions has bottomed out and rebounded, and market sentiment has picked up since the intensive introduction of policies. Continued attention is paid to the continuation of market transactions and index rebound. If market beta rises, then there is still room for flexibility in the brokerage sector; currently, the policy side is still the main driver of the brokerage market, and there is still a possibility that a new round of policies will be introduced in the future; currently, PB valuations in the brokerage sector are still at the bottom of history.