Group 1 - Chinese brokerage stocks experienced significant declines in the afternoon, with notable drops including Shenwan Hongyuan down 5.44% to HKD 3.3, Dongfang Securities down 5.29% to HKD 7.87, CITIC Securities down 4.3% to HKD 28.9, and CITIC Jiantou down 4.63% to HKD 14.02 [1] - The recent surge in the Shanghai Composite Index, reaching a ten-year high, and trading volume exceeding CNY 30 trillion indicates strong market sentiment, as noted by Huaxi Securities [1] - The implied volatility has risen significantly, signaling an increase in speculative activity, which may lead to a market adjustment if the trend continues [1] Group 2 - JPMorgan's report highlights that the bullish narrative among retail investors is gaining traction, yet the valuation of the securities industry remains significantly lower than the peak levels seen during the 2015 bull market [1] - The market's upward trend is expected to strengthen further, supported by moderate leverage levels and reasonable valuations, suggesting that investors should increase their market risk exposure through brokerages [1]