Sou Hu Cai Jing·2025-07-17 06:35Core Viewpoint - The collaboration between招商证券 and major fund companies aims to enhance investor knowledge of ETFs and promote the healthy development of the ETF market, particularly focusing on the brokerage sector benefiting from favorable policies and improving fundamentals [1][2]. Policy and Market Environment - The recent recovery in the brokerage sector is attributed to favorable policies, particularly the "1+6" reform details for the Sci-Tech Innovation Board, which are expected to benefit brokerage investment banking and private equity direct investment [2][4]. - Key policy focuses include building an international financial center in Shanghai, establishing a digital RMB international operation center, and deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. Brokerage Sector Outlook - The brokerage sector is expected to benefit from a combination of policy, fundamental, and capital market support in the second half of the year, with current valuations being historically low and offering good investment value [1][8]. - Long-term trends indicate that mergers and acquisitions among brokerages will become more certain, with a focus on high-quality leading brokerages or brokerage ETFs for investment [1][12]. Business Performance and Growth Drivers - The brokerage sector's main business components include brokerage services, investment banking, proprietary trading, asset management, and margin financing, all of which are showing positive trends [9][11]. - The brokerage business has seen a significant rebound in trading volume, with daily trading volumes exceeding 1 trillion yuan, indicating a strong recovery compared to the previous year [10]. Investment Opportunities - Investors are encouraged to focus on leading brokerages or consider brokerage ETFs, which provide diversified exposure to the sector and are cost-effective [1][14]. - The approval of new business licenses for brokerages indicates a shift towards embracing new financial technologies, potentially driving growth and changing valuation models in the sector [15][21]. Market Comparison: A-shares vs. H-shares - The brokerage sector in the A-share market is currently valued at around 20 times earnings, while the H-share market is at approximately 15 times, indicating a better valuation opportunity in the H-share market [19][20]. - The concentration of leading brokerages is higher in the H-share market, which may lead to different investment dynamics compared to the A-share market [17][18]. Future Market Trends - The brokerage sector is expected to experience a convergence of policy, fundamental, and capital market support, leading to a positive outlook for the second half of the year [24][25]. - The transition from indirect to direct financing in the domestic capital market is anticipated to provide significant growth opportunities for brokerages, enhancing their long-term investment value [22].