2 1 Shi Ji Jing Ji Bao Dao·2025-08-15 07:29Group 1 - The A-share market showed a low opening followed by a rebound, with brokerage stocks becoming the market focus on August 15 [1] - The brokerage sector performed exceptionally well, with Changcheng Securities achieving a three-day consecutive rise, closing at 12.03 yuan, up 9.76% [1] - Other brokerage stocks such as Zhongyin Securities, Jinlong Co., Tianfeng Securities, Dongwu Securities, Xiangcai Securities, and Huaxi Securities also saw significant gains [1] Group 2 - The strong performance of brokerage stocks is attributed to favorable policies and the continuous deepening of capital market reforms, which have opened up greater opportunities for brokerage investment banking and asset management businesses [2] - Among 31 listed brokerages, all reported year-on-year profit growth in their mid-term results, with 13 doubling their profits, indicating a comprehensive recovery in brokerage, margin financing, and proprietary trading businesses [2] - The rise in brokerage stocks reflects market optimism and has contributed to a broader market rally, acting as a "bull market flag bearer" [2] Group 3 - The Shanghai Composite Index broke through the previous high of 3674 points, marking a significant milestone since December 2021, as noted by a leading brokerage economist [2][3] - The economist indicated that institutional investors are shifting from a "heavy debt, light equity" allocation to a more equity-focused approach, with over 480 billion yuan in margin financing indicating a positive return of leveraged funds to the stock market [2] - The index's movement towards 3700 points is seen as a necessary process to eliminate trapped retail investors, with expectations of a gradual breakthrough above this level [3]