On September 27, Guolonghui | UBS believes that brokerage stocks, as beta of the market, will benefit from macroeconomic and capital market support measures in the mainland at the same time. On the macro side, it will lower the reserve requirement ratio and policy interest rates, guide the reduction of loan market quotes (LPR), reduce existing mortgage rates, and lower the down payment requirements for second homes to align with first homes. On the capital markets side, guidance documents have been established for market value management of listed companies, requiring listed companies to establish a regular repurchase mechanism, as well as new monetary policy tools to support the stable development of the stock market and guide long-term capital entry into the market. The H-share brokerage stocks covered by the research department are currently trading at a price-to-book ratio of only 0.4 times, at a historically low level. The industry is experiencing multiple positive catalysts: coordinated policy support, unprecedented cross-level capital market support measures announced, and accelerated industry consolidation to improve the industry environment. The bank believes that industry concentration will continue to improve, and major brokerages in advantageous positions in asset and wealth management, as well as institutional business, will benefit the most. The bank prefers Citic Securities and HTSC, with target prices of 23.3 Hong Kong dollars and 13.1 Hong Kong dollars, respectively, and both rated as "buy".