Morning Trend | BOCOM INTL closed lower with a bearish candle, and the risk-averse atmosphere in the brokerage sector is intensifying

BOCOM INTL (3329.HK) showed an overall downward trend yesterday. Affected by tightening macro liquidity and profit-taking in the financial sector, the brokerage sector became a typical outlet for market risk aversion. Active position reduction continued during the session, with significant capital outflows, leading to further shrinkage in trading volume throughout the day and a lack of short-term buying power. Technically, the daily MACD death cross trend continues to expand, with price rebounds repeatedly facing resistance, exacerbating the imbalance between buying and selling power. At the industry level, there are currently no obvious policy benefits to stimulate the market, and major funds are choosing defense and liquidity management. When negative attributes suddenly emerge during the session, individual stocks and sectors are prone to amplified fluctuations. It is recommended to mainly observe and wait for signs of a bottom, which need to be accompanied by significant capital replenishment or marginal improvements in market policies. Currently, brokerage stocks are still in the process of finding a bottom, and the extent and duration of sector adjustments need to closely monitor changes in market liquidity and the competition among major funds. Long-term value investment still requires patience to wait for favorable industry policies to be implemented and signs of market stabilization