Group 1 - The Shanghai Composite Index has returned to 3500 points after 8 months, surpassing last year's high, indicating a potential "summer rally" for brokerages [1] - Brokerages are expected to experience a "catch-up" rally due to strong performance in the first half of the year, with A-share market turnover reaching 162.65 trillion yuan, significantly higher than last year's 100.94 trillion yuan [1] - Despite the positive outlook, brokerages have underperformed compared to banks, with bank stocks rising 13.1% while brokerage stocks fell 3.57% in the same period, creating a 16.67 percentage point gap [1] Group 2 - Current valuations and institutional allocations for brokerages are at historical low levels, raising concerns about the under-allocation of brokerages in institutional portfolios [3] - Historically, from 2019 onwards, brokerages have experienced a summer rally between June and August, with price increases ranging from 10% to over 40% [4] - The longest recorded summer rally occurred in 2023, lasting over a month, while the shortest was 10 trading days in 2022 [4]