Group 1 - Chinese brokerage stocks collectively declined, with Zhongzhou Securities down 4.81% to HKD 2.57, China Merchants Securities down 4.47% to HKD 15.82, Everbright Securities down 3.91% to HKD 10.33, and CITIC Securities down 3.75% to HKD 12.85 [1] - According to Zhongtai Securities, the market has fully priced in the Federal Reserve's interest rate cut expectations, leading to a decline in investor sentiment and a temporary cooling of risk appetite [1] - Guotai Junan Securities noted that the non-bank sector has underperformed the index in the past month, but this is mainly due to trading factors, with the non-bank fundamentals continuing to improve [1] Group 2 - Morgan Stanley reported that the average daily trading volume (ADT) in the A-share market remains high, increasing confidence in the annual ADT forecast, raising the 2025 ADT prediction by 53% to RMB 1.53 trillion [1] - The forecast for ADT growth for 2026 and 2027 is expected to maintain an annual increase of 5% to 6% [1] - As a result, the average earnings forecast for covered Chinese brokerages for 2025, 2026, and 2027 has been raised by 25%, 23%, and 20% respectively [1]