Today, during the trading session, the brokerage sector saw a strong rally, with the securities industry performing remarkably well, and the stocks within the sector showing significant intraday gains.
The direct catalyst comes from the renewed expectations of mergers and acquisitions in the brokerage industry. Recently, CICC disclosed detailed plans for a stock swap to absorb Dongxing Securities and Cinda Securities, marking the transition of leading brokerages from the expectation phase to the implementation phase. This plan will take about 5 months from the board's approval in December 2025 to the disclosure of the draft in May 2026, significantly faster than past large brokerage consolidation cases. After the merger, CICC will join the ranks of trillion-level brokerages. Meanwhile, DFZQ also announced a merger plan to acquire 100% equity of Shanghai Securities, which will result in an asset scale exceeding 600 billion yuan, placing it among the top ten in the industry. A new pattern of increasing industry concentration, regional resource integration, and differentiated development is accelerating.
The liquidity environment continues to support the high elasticity of the brokerage sector. As of May 20, the trading volume of the Shanghai and Shenzhen markets was approximately 2.95 trillion yuan, an increase of 67.2 billion yuan compared to the previous trading day, with the market overall at a very high trading level. Revenue from brokerage services, margin financing interest, proprietary investments, and the sale of financial products is highly correlated with market trading activity and risk appetite; high trading volumes may directly benefit the performance expectations of brokerages.
Low valuations provide a safety cushion and a logic for capital switching for the sector's rebound. As of the close on May 18, calculations by Founder Securities show that the static PE and PB of the brokerage sector are at the 3.3% and 7.7% percentiles, respectively, indicating that valuations are at significantly low levels. After a continuous strong performance in technology sectors such as semiconductors, computing power, and storage, some funds have begun to shift towards the low-valued financial sector for high-low switching.
On the policy front, there are also medium- to long-term positive signals. On May 15, the China Securities Regulatory Commission released the &#34;Interim Measures for the Supervision and Administration of Derivative Transactions,&#34; aimed at promoting the transition of over-the-counter derivative business from scale expansion to standardized development. DFZQ pointed out that in the short term, compliance thresholds for operating institutions have increased in areas such as access, suitability, product creation, margin, valuation, and reporting; in the medium to long term, derivatives remain an important track for brokerages to serve institutional clients, undertake risk management, and enhance capital intermediary capabilities. Leading brokerages are expected to consolidate their competitive advantages during the industry's standardization process, leveraging their capital strength, institutional client resources, and comprehensive trading capabilities.
Overall, the development logic of the securities industry is clear and positive, and it is expected to fully benefit from the performance elasticity brought by high trading volumes and the consolidation wave resulting from increased industry concentration.
Risk Warning: This only represents the market view of Guolian An Fund at the time. The market carries risks, and investment should be cautious. This material is based on publicly available information that Guolian An Fund considers reliable. Under no circumstances does the information or opinions expressed in this material constitute investment advice to anyone, nor should it be regarded as promotional material or any legal document. Investors should not consider this view as the sole reference factor for making investment decisions, nor should they believe it can replace their own judgment. Investors bear the risks and consequences of any investment actions they take

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Today, the brokerage sector surged strongly, influenced by the rising expectations of mergers and acquisitions. The merger plan between CICC and Dongxing Securities, as well as Cinda Securities, has officially been implemented, which is expected to enhance industry concentration. DFZQ also plans to acquire Shanghai Securities, with asset scale exceeding 600 billion yuan. High trading volume and low valuations provide support for the rebound of brokerages, with the overall market trading volume reaching 2.95 trillion yuan. On the policy front, the China Securities Regulatory Commission has issued new regulations to promote the standardized development of derivative businesses, with short-term compliance thresholds raised, but the medium to long-term outlook for brokerages remains optimistic

同壁财经

CICC

Cinda Securities

DFZQ

Dongxing Securities Co., Ltd.

Yinhua CSI All Share Investment Banking & Brokerage ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

Fullgoal CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Founder Securities

Guotai Asset Management: High trading volume + low valuation + merger and acquisition catalysts, the brokerage sector surged during the session