EASTMONEY(SZ:300059) Xin Lang Cai Jing·2025-05-07 02:24Core Viewpoint - The recent macro monetary policies announced by the central bank, including interest rate cuts and reserve requirement ratio reductions, are expected to enhance market liquidity and lower financing costs, which will likely boost the activity in the capital markets and benefit the securities sector [2][3]. Group 1: Monetary Policy Impact - The central bank introduced three categories of macro monetary policies, including quantity-based policies to increase long-term liquidity, price-based policies to lower interest rates, and structural monetary policies to support innovation and consumption [2]. - The implementation of these policies is anticipated to improve market liquidity and reduce financing costs, which could lead to a strong performance in the securities sector [2]. Group 2: Securities Sector Performance - The securities sector has shown resilience, with a reported net profit of 1,535 billion yuan for 41 component stocks of the securities ETF, reflecting a year-on-year growth of 16% [2]. - Major firms such as CITIC Securities, Huatai Securities, and Guotai Junan have demonstrated double-digit growth rates, indicating strong earnings elasticity within the sector [2]. Group 3: Future Outlook - Analysts predict that the securities ETF's revenue and net profit will grow by 8.27% and 11.13% respectively by 2026, outperforming other financial sectors like banking and insurance [3]. - The current price-to-book ratio of the securities ETF stands at 1.34x, indicating strong value for investment compared to historical levels [3]. Group 4: Investment Strategy - The securities sector is positioned for a rebound, supported by favorable policies and active market conditions, making it an attractive investment opportunity [5]. - The securities ETF serves as an efficient tool for investors to gain exposure to the sector, encompassing 50 listed brokerage stocks [5].