According to the Huatai Securities Research Report, since 2026, due to multiple structural factors such as capital allocation, the trend in the brokerage sector has been relatively weak. Looking ahead to 2027, it is recommended to seize the sector's strategic allocation opportunities: the medium- to long-term positive trend in the capital market has not changed; deepening reforms and policy support are expected to expand the space for market development; the brokerage business structure continues to be optimized, operating stability is gradually enhanced, leading institutions rely on increased concentration and international business growth, and profit advantages are expected to be further consolidated. Currently, pessimistic expectations are fully reflected in sector pricing, and both valuation and institutional allocation are low. Comprehensive market medium- to long-term prospects, policy support expectations, and leading management resilience, it is recommended to grasp the left-hand configuration window and focus on high-quality, undervalued leaders and structural investment opportunities.

According to the Huatai Securities Research Report, since 2026, due to multiple structural factors such as capital allocation, the trend in the brokerage sector has been relatively weak. Looking ahead to 2027, it is recommended to seize the sector's strategic allocation opportunities: the medium- to long-term positive trend in the capital market has not changed; deepening reforms and policy support are expected to expand the space for market development; the brokerage business structure continues to be optimized, operating stability is gradually enhanced, leading institutions rely on increased concentration and international business growth, and profit advantages are expected to be further consolidated. Currently, pessimistic expectations are fully reflected in sector pricing, and both valuation and institutional allocation are low. Comprehensive market medium- to long-term prospects, policy support expectations, and leading management resilience, it is recommended to grasp the left-hand configuration window and focus on high-quality, undervalued leaders and structural investment opportunities.