本报记者 周尚伃 近期A股市场交投活跃度持续攀升，融资融券（以下简称"两融"）余额时隔十年重返2万亿元关口，叠 加上市券商中期业绩有望超预期兑现，多重利好共振下，证券板块异动频频。 8月13日，同花顺数据显示，截至午间收盘，证券板块整体涨幅达2.7%，半日成交额突破550亿元，板 块内49只个股呈现全线飘红态势。其中，长城证券、国盛金控2只个股涨停，国盛金控实现"两连板"； 东吴证券、中银证券、华泰证券紧随其后，涨幅均超6%。值得关注的是，"券茅"东方财富成交活跃， 截至午间收盘，该股半日成交额超110亿元，涨幅为2.33%。 块均为资金净流出，市场热点维持轮动态势。短期来看，市场或将延续上行态势，结构性行情、热点轮 动的风格大概率将延续。 对于证券板块的近期表现，机构普遍认为，在市场交投活跃等多重因素的支撑下，板块估值修复空间值 得期待。 民生证券研究院非银首席分析师张凯烽表示："近期主要指数回升，两融余额走高反映当前看多情绪高 涨。资本市场回稳向好，市场交投活跃度保持高位，两融余额持续扩大，券商业绩修复趋势有望延 续。" "两融余额重回2万亿元，重申看好证券板块投资价值。"申万宏源研究所非银首席分析师罗钻 ...

Core Viewpoint - The brokerage sector is experiencing significant gains, driven by increased client activity and favorable market conditions, indicating a potential new growth phase for the securities industry [1][3][4]. Group 1: Market Performance - The brokerage sector saw a surge in stock prices, with notable gains from companies like Guosheng Jinkong and Changcheng Securities, contributing to a positive market sentiment [1][3]. - The A-share market has been defined as a "bull market" by multiple brokerages, with expectations of increased capital inflow due to the anticipated interest rate cuts in the U.S. [6]. Group 2: Driving Factors - Three main drivers for the recent performance include an increase in T0 client numbers, steady growth in client margin scales, and a noticeable rise in leverage among existing clients, as evidenced by the financing balance exceeding 2.02 trillion yuan [1][3]. - Analysts suggest that policy guidance is encouraging long-term capital to enter the market, with structural adjustments indicating a turning point, which could enhance the growth potential for brokerage services [1][6]. Group 3: Future Outlook - The securities industry is expected to benefit from a new growth cycle, with increased demand for brokerage, margin financing, asset management, and investment banking services as new capital flows into the market [1][6]. - The improvement in asset quality and the reduction of valuation concerns are also contributing to a more favorable outlook for brokerages, with a focus on cost reduction and efficiency improvements [7].

Market Overview - The A-share market has reached new highs this year, with the Shanghai Composite Index peaking at 3688.09 points, surpassing the previous high of 3674.4 points from October 8, 2024, and approaching the high of 3708.94 points from December 13, 2021 [1] - The Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index increased by 1.47%, and the ChiNext Index surged by 2.81% during the morning session, with a total market turnover of approximately 1.33 trillion yuan, an increase of 118.1 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors driving the market include securities, innovative pharmaceuticals, military industry, and computing power, with the securities sector leading the gains [1][2] - Major stocks in the computing power sector, such as New Yisheng, Zhongji Xuchuang, Industrial Fulian, and Shenghong Technology, reached historical highs, particularly in the liquid cooling server and optical module segments [3] - The securities sector saw significant increases, with stocks like Great Wall Securities and Guosheng Financial Holdings experiencing substantial gains [3][4] Securities Sector Insights - The securities sector index rose by 2.70%, with notable performers including Great Wall Securities, which increased by 10.06%, and Guosheng Financial Holdings, which rose by 9.98% [4][5] - Analysts from Zhongjin Company suggest that the current market conditions, characterized by increased trading volume and positive index movements, may enhance the profitability expectations and valuations of brokerage firms [5] - The long-term outlook for the securities industry is optimistic, with expectations of improved return on equity (ROE) and market share for leading firms as supply-side reforms progress [5] Market Sentiment and Future Outlook - The recent market rally is attributed to a combination of liquidity easing and positive policy expectations, with improved investor sentiment driven by external factors [7] - Analysts from Dongwu Securities note that the current market dynamics are characterized by strong liquidity, with various investor groups actively participating, contrasting with the market conditions of 2015 [8] - Future market performance is expected to be influenced by the pace of capital flow into the market and the global liquidity environment, with a gradual transition to an earnings-driven phase anticipated [12]

股市大涨，券商板块是当然的受益者！ 今日早盘，牛市旗手——券商板块突然发力。国盛金控连续两日涨停，长城证券直线封板，中银证券涨超 8%，中信证券、国泰海通等权重股短线拉升。港股中资券商亦集体飙升，国联民生、中州证券、申万宏 源等皆有不错表现。 券商中国记者在采访中了解到，近期业态的确出现了三大驱动：一是由于T0客户数量增加、规模加大， 部分券商的算力已经明显不够用；二是有大型券商表示，近期客户保证金规模稳步增长；三是存量客户加 杠杆明显，这一点也可以从融资余额的增长中体现出来。 进入8月份之后，市场明显活跃起来，月内成交金额基本维持在1.5万亿元以上，多个交易日维持在1.7万 亿元以上水平。板块健康轮动，个股非常活跃，截至昨日收盘，维持多头排列的个股数量超过2500只。 这一方面意味着市场渐入佳境，另一方面也意味着市场还未达到过热状态。 在券商中国记者采访时，有券商表示，近期保证金规模稳健增长。还有一些市场人士表示，近期申购基金 的投资者也有增多。另有券商表示，由于T0客户数量增加、规模加大，部分券商的算力已经明显不够 用。而且，加杠杆的存量客户明显增多。近期，融资余额持续增长，截至昨天，已超过2.02万亿元 ...

上证指数、深证成指、创业板指盘中集体创今年以来新高，成为市场的热议话题。其中，上证指数盘中最高涨至3688.09点，突破了2024年10月8日的盘中 高点3674.4点，逼近2021年12月13日的盘中高点3708.94点。 盘面上，证券、创新药、军工、算力四大板块联手发力，其中，证券板块领涨，板块内个股上午全部上涨。 上午收盘，上证指数上涨0.56%，深证成指上涨1.47%，创业板指上涨2.81%。市场成交额约为1.33万亿元，较上一交易日上午增加1181亿元。 算力、证券等板块发力 今天上午，算力产业链继续上涨，四只行业大市值的龙头股新易盛（300502）、中际旭创（300308）、工业富联（601138）、胜宏科技（300476）盘中股 价齐创历史新高，液冷服务器、光模块板块领涨。 证券板块大涨，长城证券（002939）、国盛金控（002670）等个股大涨。 今天上午，A股冲上热搜！ | 东吴证券 | 10.39 | 8.00% | 516亿 | | --- | --- | --- | --- | | 融 601555 | | | | | 中银证券 | 16.42 | 7.04% | 456亿 | | ...

Market Overview - A-shares experienced a collective rise, with the Shanghai Composite Index reaching a new high since December 2021 at 3688.09 points, and the ChiNext Index increasing nearly 3% [1] - Hong Kong stocks also strengthened, with major indices rising approximately 2% [1] Military Industry - The military sector saw significant gains, with Aerospace Science and Technology achieving five consecutive daily limit-ups in the past week, and major companies like Dayuan Pump Industry and Great Wall Military Industry also hitting new highs [2] - Analysts noted that the military industry is expected to see substantial changes in fundamentals by 2025, with increased market attention due to frequent military trade achievements and upcoming military parades [2] - The ground equipment segment has outperformed other sectors, with an 81% increase since June, driven by military trade and parade events [2] Brokerage Sector - The brokerage sector showed strong performance, with companies like Great Wall Securities and Guosheng Financial Holdings hitting daily limit-ups [3] - In July, new A-share accounts opened on the Shanghai Stock Exchange reached 1.9636 million, a year-on-year increase of 70.5%, indicating heightened market activity [3] - The margin trading balance surpassed 2 trillion yuan, marking a ten-year high, reflecting improved investor sentiment and willingness to take risks [3] AI Industry Chain - AI-related stocks surged, with companies like Guangku Technology rising 20% to reach a historical high, and others like New Yisheng and Zhongji Xuchuang also achieving new highs [4] - The overseas computing power industry chain is progressing rapidly, with expectations for sustained high demand in the optical module market due to ongoing investments in computing infrastructure [4] - Major global cloud service providers are accelerating the deployment of liquid cooling solutions, which is anticipated to expand into domestic markets as local computing power chips advance [4]

A股延续慢牛格局继续抬升！8月13日，沪指早盘越过"9·24"行情高点3674.4点，盘中不断刷新阶段新 高，最高升至3688.09点，刷新2021年12月14日以来最高纪录。 "牛市旗手"券商应声异动，国盛金控两连板，长城证券亦涨停，东吴证券涨近9%，中银证券涨超7%。 顶流券商ETF（512000）盘中快速冲高2．57%！半日成交11．74亿元，大幅超越昨日全天成交额！ 风险提示：券商ETF被动跟踪中证全指证券公司指数，该指数基日为2007.6.29，发布于2013.7.15。指数 成份股构成根据该指数编制规则适时调整。文中指数成份股仅作展示，个股描述不作为任何形式的投资 建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的本基金风险等级为R3- 中风险，适宜平衡型（C3）及以上的投资者。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容 所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表 ...

Core Viewpoint - The A-share market continues its slow bull trend, with the Shanghai Composite Index surpassing the previous high of 3674.4 points, reaching a new peak of 3688.09 points, the highest since December 14, 2021 [1] Group 1: Market Performance - The brokerage sector, often seen as the "flag bearer" of the bull market, has shown significant movement, with Guosheng Financial and Changcheng Securities hitting the daily limit, and Dongwu Securities rising nearly 9% [1] - The top brokerage ETF (512000) surged by 2.57% during the session, with a half-day trading volume of 1.174 billion yuan, significantly exceeding the previous day's total [1] - Over the past two days, the brokerage ETF (512000) has seen a net subscription of over 450 million yuan, accumulating over 680 million yuan in the last ten days [1] Group 2: Fund Inflows and Market Sentiment - The non-bank financial (brokerage) sector has experienced a net inflow of over 7.5 billion yuan, quickly becoming the second-highest inflow sector across the market [1] - Individual stocks like Dongfang Caifu have attracted over 1.1 billion yuan in net inflows, leading the sector [1] Group 3: Analyst Insights - Analysts suggest that the current upward trend in the market is supported by liquidity and favorable policies, with expectations of a gradual formation of a slow bull market [2] - Incremental retail investment is anticipated to be a significant driver of the current slow bull market [2] - The brokerage sector is viewed as a favorable investment opportunity under the backdrop of loose liquidity and proactive policies, encouraging active positioning in brokerage stocks [2]

Core Viewpoint - The A-share market continues its slow bull trend, with the Shanghai Composite Index surpassing the previous high of 3674.4 points, reaching a peak of 3688.09 points, marking the highest level since December 14, 2021 [1] Group 1: Market Performance - On August 13, the Shanghai Composite Index hit a new high, indicating a strong upward trend in the market [1] - Major brokerage stocks saw significant movements, with Guosheng Financial and Changcheng Securities hitting the daily limit, and Dongwu Securities rising nearly 9% [1] - The Broker ETF (512000) experienced a rapid increase of 2.57% during the trading session, with a half-day trading volume of 1.174 billion yuan, significantly exceeding the previous day's total [1] Group 2: Fund Inflows - Substantial capital has been successfully positioned in the "flagship" market, with over 450 million yuan net subscriptions for the Broker ETF in the past two days and a total of over 680 million yuan in the last ten days [1] - The non-bank financial sector, particularly brokerages, saw a net inflow of over 7.5 billion yuan, making it the second-highest inflow across all sectors [1] - Individual stocks like Dongfang Fortune attracted over 1.1 billion yuan in net inflows, leading the sector [1] Group 3: Analyst Insights - Analysts from Dongwu Securities and Huaxi Securities emphasize that the current market uptrend is supported by improved liquidity and favorable policies, suggesting a gradual formation of a slow bull market [2] - The influx of incremental funds from residents is expected to be a significant driver of the current slow bull market [2] - Western Securities recommends actively positioning in brokerage stocks, citing a favorable environment of loose liquidity and proactive policies [2] Group 4: ETF Overview - The Broker ETF (512000) passively tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [2] - The ETF serves as an efficient investment tool, balancing investments in leading brokerages while also considering the high growth potential of smaller firms [2]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.56% to 3686.34 points, reaching a new high since December 2021 [1] - The Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.81% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13,283 billion yuan, an increase of 1,181 billion yuan compared to the previous day, with over 2,600 stocks rising [1] Sector Performance - The securities sector saw a comprehensive increase, with Changcheng Securities and Guosheng Financial Holdings hitting the daily limit [1] - The liquid cooling server sector continued to strengthen, with Feilong Co., Zhunchong Technology, and Dayuan Pump Industry also hitting the daily limit [1] - The pharmaceutical sector collectively rose, with Shouyao Holdings hitting the daily limit and Meidi West rising over 11%, marking the first appearance of drugs under the "dual directory" of medical insurance [1] - The military industry stocks experienced a broad increase, with Changcheng Military Industry achieving seven consecutive limits in ten days and Fenghuo Electronics hitting the daily limit [1] Declining Sectors - The breeding industry sector declined, with Xiaoming Co. falling over 5% and Minhe Holdings dropping over 3% [1] - The port and shipping stocks generally fell, with Lianyungang dropping over 4%, and both China National Offshore and Ningbo Maritime falling over 3% [1]