Ge Long Hui·2025-11-20 01:09Group 1 - Central Huijin's brokerage integration marks the first case of mergers and acquisitions in the industry, with CICC announcing the issuance of shares to acquire Dongxing Securities and Xinda Securities [1] - The merger is expected to enhance the industry structure, leading to stronger operational growth and sustainability, potentially raising the industry's ROE central level in the medium to long term [1] - Despite high performance growth in brokerage firms this year, stock prices have lagged, with the brokerage sector's valuation and holdings at relatively low levels, making M&A expectations a potential catalyst for valuation recovery [1] Group 2 - The Hong Kong Securities ETF (513090) has seen a net inflow of 8.21 billion yuan over the past 60 days, with a latest scale of 31.689 billion yuan and only 16 constituent stocks [2] - Major weighted stocks in the ETF include leading companies such as CITIC Securities, Hong Kong Exchanges, Guotai Junan, and CICC, with an average daily trading volume of 14 billion yuan over the past six months [2] - The ETF supports T+0 trading and has the lowest fee rate in the market at 0.2% per year, indicating good liquidity [2]