Hua Er Jie Jian Wen·2025-12-17 09:59Group 1 - The core catalyst for the recent surge in the brokerage sector is the announcement of the merger plan between China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, with the resumption of trading set for December 18 [1][3] - CICC will absorb Dongxing Securities and Xinda Securities at a share exchange price of 36.91 yuan per share, where each shareholder of the latter two companies will receive 0.5188 shares of CICC for every share they hold [1] - The merger represents a significant event in the brokerage sector, being the largest merger activity recently, which has led to a broad rally in brokerage stocks [1][3] Group 2 - Analysts attribute the strong performance of brokerage stocks to the imminent resumption of trading, the management's policy to expand capital space for brokerages, and the overall low valuation and low allocation characteristics of the sector [3] - Major brokerage stocks saw substantial gains, with Huatai Securities rising over 9% and GF Securities increasing by more than 5%, while the securities ETF also experienced a rise of over 3% [1][3]