The Zhitong Finance App learned that Chinese brokerage stocks rose in the afternoon. As of press release, CITIC Securities (06030) rose 4.65% to HK$13.06; CICC (03908) rose 4.03% to HK$10.32; China Galaxy (06881) rose 4.02% to HK$4.4; and CITIC Construction Investment Securities (06066) rose 3.83% to HK$6.5.

According to Caixin Securities, according to Wind statistics, the total revenue and net profit of 44 listed brokerage firms in the first quarter of 2024 were 108.284 billion yuan and 31.305 billion yuan respectively, or -21.36% and -30.43%, respectively. On the one hand, the results for the first quarter of 2024 were affected by a high base; on the other hand, under sharp fluctuations in the equity market and derivatives market in the first quarter, brokers' proprietary business revenue declined sharply by more than 70% year-on-year under high base, and investment banking business declined by more than 30% under countercyclical regulation. It is expected that brokerage performance will gradually improve in the second half of the year under the stable conditions of the equity market and the decline in the performance base for the same period in the second half of the year.

Dongxing Securities, on the other hand, said that as the regulatory authorities gradually refine and clarify their policies on the capital market, although the short-term impact on the investment banking business chain cannot be ignored, after the capital market ecosystem continues to improve, both the financing side and the investment side are expected to achieve quantitative and qualitative improvements, opening up performance space for core capital market intermediaries such as brokerage firms. The bank pointed out that mergers, acquisitions and restructuring are still the main line of the industry during the year. We are more optimistic about the investment opportunities of leading institutions in the industry under medium- to long-term innovative development models and epitaxial mergers and acquisitions. Currently, targets with high investment value are still concentrated on valuable individual stocks that are still undervalued.