A recent report by Huatai Securities highlights that since July, numerous brokerage firms have been actively releasing their interim earnings forecasts. Among the 27 brokerages that have disclosed their results, the net profit attributable to shareholders for the first half of the year has shown robust growth. For larger brokerages, the year-on-year growth rates predominantly fall within the range of 50% to 80%. Smaller and medium-sized brokerages, on the other hand, have reported growth rates concentrated between 50% and 120%, with some even experiencing an extraordinary increase of over 1000% due to the low base effect. Wealth management, investment trading, and investment banking have emerged as key incremental businesses, underscoring the improved sentiment in the equity market during the first half of the year, marked by a substantial year-on-year rise in trading volumes and investment banking financing. Looking ahead to the second half of the year, the equity market is expected to receive support from the policy stance of 'continuously stabilizing and activating the capital market.' Since July, market trading sentiment has remained high, and the Hong Kong IPO market has also continued its recovery, fostering a conducive operating environment for brokerages. Currently, the brokerage sector is undervalued and underweighted, presenting investors with an opportunity to capitalize on the potential recovery of brokerage stocks.