华安证券近日发布策略报告称，人大常委会、美大选及11月美议息会议等基本符合市场主流预期，后续预期将逐步收敛，市场有望回归冷静，博弈基本面与新一轮政策。该行指出，本周非银金融行业涨幅居前，一方面在于市场交投热烈叠加券商并购催化，证券领域领涨。二方面，保险等其他细分领域跟涨。后续短期展望，其中证券层面，市场热度大概率将有所降温，尽管券商合并仍会发生，但证券机会把握性较难。China-affiliated brokerage stocks expanded their afternoon declines. As of the time of this report, CSC (06066) fell by 5.9% to HK$10.84; HTSC (06886) fell by 5.53% to HK$14.34; GF Sec (01776) fell by 4.42% to HK$12.10; Citic Sec (06030) fell by 3.08% to HK$23.60.
According to the Wisdom Financial APP, China-affiliated brokerage stocks widened their afternoon declines. As of the time of this report, CSC (06066) fell by 5.9% to HK$10.84; HTSC (06886) fell by 5.53% to HK$14.34; GF Sec (01776) fell by 4.42% to HK$12.10; Citic Sec (06030) fell by 3.08% to HK$23.60.
Caitong Securities pointed out that GTJA, along with Haitong Sec, Western Securities, and Guorong Securities, have all released new developments on mergers and restructuring, accelerating the industry consolidation process. At the same time, the appointment of senior executives at Citic Sec and CSC has sparked market imagination about mergers, further heating up the brokerage sector. The current equity market sentiment has significantly improved, with market turnover remaining at around 2 trillion, expected to continue to drive brokerage performance back into a growth range.
Huaan Securities recently released a strategy report stating that the NPC Standing Committee, the U.S. elections, and the November Fed meeting all broadly meet market expectations. Subsequent expectations are expected to gradually converge, and the market is expected to return to calmness, balancing fundamentals and a new round of policies. The bank pointed out that this week, the non-banking financial industry led the gains, partly due to the active market trading combined with the catalyst of brokerage mergers, leading the securities sector. On the other hand, insurance and other specific sectors followed suit. In the short-term outlook, in terms of the securities sector, the market heat is likely to cool down. Although brokerage mergers will continue to occur, seizing securities opportunities will be challenging.
