Group 1 - Chinese brokerage stocks saw significant gains in the afternoon, with Everbright Securities up 4.02% at HKD 8.29, Huatai Securities up 3.33% at HKD 14.88, China Galaxy up 3.18% at HKD 8.11, CICC up 3.05% at HKD 16.22, and GF Securities up nearly 3.01% at HKD 12.34 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee of the Communist Party of China and the State Council is expected to enhance the connectivity between the mainland and Hong Kong capital markets, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - In the context of the "A+H" wave this year, Chinese brokerages have benefited significantly, with 23 brokerages participating in the Hong Kong IPO market in the first five months, securing the majority of IPO projects [1] - The brokerage sector is anticipated to experience further valuation recovery due to favorable policies and a market rebound, with potential benefits for brokerage, investment banking, and capital intermediary businesses [1] Group 2 - Since 2025, the average AH premium rate for the brokerage industry has decreased, with current rates approaching the average from November 2020 to May 2025 [2] - The narrowing gap in AH premium rates among certain brokerages indicates reduced investment divergence between mainland and Hong Kong investors, suggesting potential upward movement for Hong Kong stocks if a return to average premium rates occurs [2]