According to the Guojin Securities Research Report, on the evening of December 17, CICC announced a plan to absorb and merge Dongxing Securities and Cinda Securities through the proposed share exchange method, and pressed the acceleration button for the merger. Investment banks with international competitiveness in the industry are expected to add another example, and the Matthew effect in the industry is also expected to strengthen. Listed brokers' three-quarter reports exceeded expectations, and the annual profit growth rate is expected to increase. Currently, the sector's PB valuation is 1.4 times higher, at the 36% fraction of 10 years, which is mismatched with performance. The brokerage merger and acquisition incident is expected to increase industry concentration and catalyze sector valuation repair. In terms of stock selection ideas, brokerage firms with excellent quality but whose valuation is still mismatched with performance; brokerage firms with a high AH premium rate.

According to the Guojin Securities Research Report, on the evening of December 17, CICC announced a plan to absorb and merge Dongxing Securities and Cinda Securities through the proposed share exchange method, and pressed the acceleration button for the merger. Investment banks with international competitiveness in the industry are expected to add another example, and the Matthew effect in the industry is also expected to strengthen. Listed brokers' three-quarter reports exceeded expectations, and the annual profit growth rate is expected to increase. Currently, the sector's PB valuation is 1.4 times higher, at the 36% fraction of 10 years, which is mismatched with performance. The brokerage merger and acquisition incident is expected to increase industry concentration and catalyze sector valuation repair. In terms of stock selection ideas, brokerage firms with excellent quality but whose valuation is still mismatched with performance; brokerage firms with a high AH premium rate.