Recently, a number of listed brokerage firms have successively disclosed their three-quarter reports. Operating revenue and net profit for the first three quarters generally increased, and overall performance showed strong resilience. At the same time, institutions are also concerned about the current dividend attributes of the brokerage sector. According to CITIC Securities analysis, the dividend rate of leading A-share brokerage firms is close to or surpassing the traditional dividend industry. Gao Chao, chief analyst at Open Source Securities and Non-Bank, believes that market trading volume and stock market performance weakened month-on-month in the third quarter, and revenue from brokerage and finance businesses were under pressure, but the recovery of the IPO market, the increase in direct investment and follow-up earnings brought about by the listing of projects such as Changxin Technology, and the operational resilience of large wealth management and overseas business are expected to support industry profits. Currently, the ROE center and profit sustainability of leading brokerage firms are clearly mismatched with the level of undervaluation, and the probability of valuation repair has increased.

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