政策催化，券商板块价值重估？

Group 1 - The core viewpoint of the article highlights the recent recovery of the brokerage sector due to favorable policies, particularly the implementation of the "1+6" reform measures in the Sci-Tech Innovation Board, which are expected to benefit the securities industry [1][2] - The "1+6" reform includes the establishment of a growth layer for the Sci-Tech Innovation Board and six innovative measures aimed at enhancing the adaptability of the system to better serve technological innovation and new productive forces [1] - Analysts believe that the relaxation of IPO regulations on the Sci-Tech Innovation Board will positively impact brokerage firms' investment banking and private equity direct investment businesses [1] Group 2 - The brokerage sector is expected to experience strong performance recovery from 2024 to the first quarter of 2025, with 42 listed brokerages projected to achieve a total revenue of 508.847 billion yuan, a year-on-year increase of 7.32%, and a net profit of 147.835 billion yuan, a year-on-year increase of 15.88% [3] - In the first quarter of 2025, listed brokerages are expected to report revenues of 125.930 billion yuan, a year-on-year increase of 24.60%, and a net profit of 52.183 billion yuan, a year-on-year increase of 83.48% [3] - The favorable policies are anticipated to expand the growth space for the securities industry, with increased market stability and improved investment ecology creating a more favorable environment for brokerage firms' proprietary businesses [6] Group 3 - The current valuation of the securities industry is believed to have adjusted to a reasonable level, with the securities II (Shenwan) industry index's price-to-earnings ratio (TTM) and price-to-book ratio (LF) at 19.81 times and 1.31 times, respectively, positioning at the 33rd and 48th percentiles over the past five years [6] - Institutional holdings indicate a significant underweight in the financial sector, with the non-bank sector underweight by 9.48% relative to the CSI 300 index, and the brokerage sector underweight by 6.25%, suggesting potential reallocation opportunities for public funds [6] - Historical experience shows that during an upward cycle in the A-share market, the brokerage sector often becomes a core focus due to increased trading activity, improved brokerage income, and enhanced proprietary business performance [6]