Huachuang Securities released a research report saying that the current core drive of the brokerage sector is the resonance repair of “historical undervaluation+high trading base+negative excess convergence”: the sector's long-term valuation cycle is at an absolute historical low level, with a solid margin of safety and outstanding defensive attributes; previously, the sector's margins of market performance reached a rare level in history. Currently, the right inflection point of negative excess convergence has been established. There is plenty of room for subsequent increases; market activity remains high, driving the continuous volume of brokerage and credit businesses, and enhancing self-financing liquidity reserves. The cumulative performance of the first three quarters was high, and the background was clear, compounded by the floating and profitable cashout of science and technology innovation board hard technology projects and Overseas platforms are a new growth pole built by high capital growth. The long-term profit center of the industry is expected to move upward, and sector valuations are expected to usher in a substantial increase.

Huachuang Securities released a research report saying that the current core drive of the brokerage sector is the resonance repair of “historical undervaluation+high trading base+negative excess convergence”: the sector's long-term valuation cycle is at an absolute historical low level, with a solid margin of safety and outstanding defensive attributes; previously, the sector's margins of market performance reached a rare level in history. Currently, the right inflection point of negative excess convergence has been established. There is plenty of room for subsequent increases; market activity remains high, driving the continuous volume of brokerage and credit businesses, and enhancing self-financing liquidity reserves. The cumulative performance of the first three quarters was high, and the background was clear, compounded by the floating and profitable cashout of science and technology innovation board hard technology projects and Overseas platforms are a new growth pole built by high capital growth. The long-term profit center of the industry is expected to move upward, and sector valuations are expected to usher in a substantial increase.