HK Stock Market Move | Chinese brokerage stocks rose in the afternoon. CICC (03908) once surged over 4% and China Galaxy (06881) rose by nearly 3%.

Chinese securities firms stocks rose in the afternoon, as of the time of writing, CICC (03908) was up 3.12% to HK$15.22; China Galaxy (06881) was up 2.79% to HK$7.73; CMSC (06099) was up 0.88% to HK$16.02; EB SECURITIES (06178) was up 0.87% to HK$8.09. Shanxi pointed out that securities firms can achieve external growth and increase overall competitiveness through mergers and acquisitions. The Western merger of Guorong Securities has been officially announced, and industry mergers and acquisitions continue to advance. It is recommended to pay attention to the progress of industry mergers and acquisitions and the possibility of exceeding expectations. In addition, the number of new accounts opened exceeded expectations, benefiting the basic structure of securities firms. According to data from the Shanghai Stock Exchange and Securities Times, in October 2024, the number of new A-share investors reached 6.8397 million, the highest since June 2015, and exceeded the total number of new accounts opened in the previous five months. With the increase in market activity and the consolidation of the new account investor base, securities firms' brokerage, asset management, and proprietary businesses are expected to rebound simultaneously, thereby boosting performance in the fourth quarter and providing effective support for the valuation of the securities sector.