华尔街见闻·2025-06-26 08:30Core Viewpoint - The strong performance of brokerage stocks is driven by a combination of market recovery and favorable policy changes, with H-shares and A-shares experiencing significant gains in recent days [1][2]. Group 1: Market Performance - H-share and A-share brokerage stocks have seen average increases of 12.6% and 6.3% respectively over the past five days, significantly outperforming the broader market [1][2]. - Notable performers include East Money with an 11.6% increase and China International Capital Corporation (CICC) leading H-shares with a 17.8% rise, reflecting growing market confidence in leading brokerages [2][3]. Group 2: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has shown a tendency to promote growth through recent policy adjustments, including support for technology companies and the reintroduction of listing rules for loss-making firms [4]. - Regulatory measures aimed at enhancing capital market accessibility and encouraging IPOs in the consumer sector are expected to inject positive momentum into the brokerage industry [4][5]. Group 3: Additional Drivers - A reduction in global geopolitical uncertainties has led to increased investor risk appetite, contributing to the rise in brokerage stocks [6]. - The sustained high average daily trading volume (ADT) in the Hong Kong market and active IPO transactions are providing revenue growth opportunities for brokerages [7]. - The more inclusive and diversified A-share IPO reforms are anticipated to accelerate financing activities, benefiting the investment banking business of brokerages [8].