It must be said that the valuation logic for Chinese A-share brokerage stocks is turning into growth stocks; their prices are too cheap compared to other sectors.

But not rising for a long time is quite frustrating; long-term positions can be allocated.
Since last year, the non-bank financial sector has not gained much, and this year it has also experienced significant declines (see Chart 2).
However, under the slow bull market of A-shares, brokerage performance is improving, and brokerages have the logic of "shovel stocks." Moreover, if the market performs poorly and the national team supports the market, non-bank financials are also a sector.
Long-term positions are worth allocating.