Can brokerages continue to rise, especially breaking through the strong resistance level of 908? The key still depends on the changes in three aspects.

First is the shift in driving forces—transitioning from performance recovery to sustained incremental funds and policy support. Currently, the fundamentals of brokerages are actually good, market trading is active, and the average daily transaction volume has increased significantly year-on-year, which is not an issue.

Second is valuation. Brokerages still have an advantage in valuation, with sufficient safety margins, and room for recovery. Low valuation itself is a reason to attract funds.

The third and more critical point—institutions are still underweight. Once funds start to increase their allocation, the incremental buying pressure could be quite substantial, which is the real driving force for upward movement.

A reasonable expectation for the subsequent trend is necessary. As long as it can return to the 876–908 range, it’s considered acceptable. During this period, some volatility may be experienced, but after accumulating momentum, the upward movement will be more solid. The focus is on the support strength at 888 and 881.