HK Stock Market Move | Chinese-funded securities firms' stocks collectively rose in the afternoon, speculation about the merger of top securities firms continued to ferment, and institutions are optimistic about the fourth-quarter performance of securities firms.

Chinese-funded securities firms' stocks collectively rose in the afternoon, as of press time, CMSC (06099) rose by 7.9%, to HK$15.84; CITIC SEC (06030) rose by 6.95%, to HK$12; China Securities Co., Ltd. (06066) rose by 7.3%, to HK$12.02; China Galaxy (06881) rose by 5.89%, to HK$8.27. On the news front, on November 6th, CITIC SEC announced that the board of directors agreed to appoint Zou Yingguang as the company's general manager. The vacant position of general manager at CITIC SEC for nearly half a year has been filled. It is reported that the general manager position at China Securities Co., Ltd., which has been vacant for over a year, will also be filled soon, with former CITIC SEC executive Jin Jianhua taking on the role. With the completion of personnel changes, speculation about the merger of these two major leading securities firms continues to ferment. CAXIN Securities previously pointed out that the concentration of the securities industry is low, with policy support to create "aircraft carrier-level securities firms," and strong expectations for mergers and acquisitions. Benefiting from the favorable policies of the market reform for market value management and mergers and acquisitions, coupled with the continuous recovery in capital market turnover, it is expected that securities firms will continue to have opportunities for active trading. Kaiyuan Securities pointed out that since October, market turnover has remained high, coupled with a low base, it is expected that the growth rate of securities firms' performance in the fourth quarter will be significantly stronger than in the third quarter.