公募改革落地有望驱动银行板块估值；券商板块估值有望修复

Group 1: Brokerage Sector Outlook - The brokerage sector is expected to see a valuation recovery throughout the year, with a significant increase in revenue and profit for listed brokerages, up 25% and 83% year-on-year respectively in Q1 2025 [1] - Key drivers of growth include brokerage, margin financing, and proprietary trading, with notable year-on-year increases of 49%, 51%, and 27% in brokerage, proprietary trading, and net interest income respectively [1] - The resilience of investment banking and asset management businesses is better than expected, indicating a positive growth outlook for brokerage and margin financing businesses [1] Group 2: Banking Sector and Fund Reform - The recent implementation of public fund reforms is anticipated to drive valuation in the banking sector, with a focus on aligning fund allocations with performance benchmarks [2] - The banking sector is currently under-allocated in active equity, with a deviation of nearly 10 percentage points from the CSI 300 index, suggesting significant potential for increased allocation [2] - Recent policy measures aimed at economic recovery, along with the expansion of passive funds and accelerated entry of insurance capital, are expected to support the banking sector's market performance [2] Group 3: Metal Industry Investment Opportunities - The metal industry is projected to experience steady profit growth in 2024 and Q1 2025, with gold, nickel, cobalt, tin, rare earths, and copper leading the sector [3] - Current valuations in the metal industry remain relatively low, particularly for aluminum, copper, and nickel, indicating potential for valuation recovery [3] - The industry is also seeing an increase in dividend returns, with some stocks offering dividend yields exceeding 5%, enhancing shareholder return capabilities [3]