Since the turn of the year, the equity market has demonstrated a consistent upward trajectory, characterized by rising trading volumes, margin balances, and the issuance scale of equity products. Amidst this favorable environment, valuations within the securities trading sector have undergone significant repair, albeit with notable deviations from previous market dynamics. The sustained uptick in market sentiment has fostered a greater alignment between the performance growth of securities traders and broader market trends. Concurrently, the pace of internal sector recovery has diverged, with H-shares outperforming their A-share counterparts, and those securities traders exhibiting stable performance growth demonstrating superior results. Presently, the return on equity assets is steadily on the rise, bolstered by the central government's positive stance towards the capital market and the supportive role played by quasi-"stabilization funds". These factors are encouraging residents' funds to enter the market in an orderly fashion. Given this backdrop, we maintain a bullish outlook on the market's upward trajectory. Considering the current undervaluation and underallocation within the sector, securities traders are poised to enter a dual-repair phase encompassing both performance and valuation in the evolving market landscape. As such, we are optimistic about the potential for a robust value revaluation market within the sector.