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GF Securities: Optimistic about the non-bank zone, suggesting to continue following the policy and event-driven mergers and acquisitions theme.
Jin10 data reported on July 21 that GF Securities stated that incremental funds are increasing their market entry, and the accelerated private placements by brokerages signal a relaxation of policies, unlocking the valuation space for brokerages. The performance of brokerages is warming at the bottom, and elasticity is expected; however, valuations are lagging. Market activity is expected to rebound, with incremental funds continuing to enter the market. The non-bank zone is favored, and it is recommended to continuously follow the main line of mergers and acquisitions under the catalysis of policies and events.
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