Mei Ri Jing Ji Xin Wen·2025-06-27 02:47Group 1 - The A-share market opened with slight fluctuations on June 27, with the brokerage sector continuing to perform strongly, as evidenced by Tianfeng Securities rising over 5% and Huaxi Securities rising over 4% [1] - The issuance of the "Guiding Opinions on Financial Support to Boost and Expand Consumption" on June 24 is expected to enhance the business climate for securities companies, particularly in investment banking [1] - The approval of virtual asset trading service licenses for Guotai Junan's Hong Kong subsidiary marks a significant breakthrough for mainland brokerages in expanding into virtual asset businesses [1] Group 2 - The brokerage ETF (159842) tracks the leading companies in China's brokerage industry, with its main businesses such as brokerage, proprietary investment, and wealth management closely tied to capital market conditions [1] - The current PB valuation of the securities III index (CITIC) is 1.37x, which is at approximately the 45th percentile since 2018, indicating a moderate valuation level [2] - The Wind[HK] Chinese brokerage index has a PB valuation of 0.69x, positioned at around the 52nd percentile since 2018, suggesting strong potential for price appreciation in the brokerage sector [2]