沪指冲关3600点、业绩普遍高增，券商股配置机会来了？

Group 1 - The core viewpoint is that the current valuation of listed brokerages remains low, and there is significant under-allocation by institutions, indicating that the brokerage sector has investment value [1][6]. - On July 23, A-shares and H-shares of brokerages both saw strong performance, with notable gains from Guosheng Financial and Zhongzhou Securities [2][3]. - As of July 23, the brokerage sector index rose by 1.02%, with major firms like Guosheng Financial and Guotai Junan showing significant increases [1][3]. Group 2 - The performance of brokerages in the first half of the year has been positive, with 27 out of 29 listed brokerages expected to report profit increases, and some firms like Tianfeng Securities and Jinlong Co. turning losses into profits [1][4]. - Leading firms such as Guotai Junan and China Galaxy are projected to have substantial profit growth, with Guotai Junan's net profit expected to reach between 152.83 billion to 159.57 billion yuan, representing a year-on-year increase of 205% to 218% [4][5]. - Analysts suggest that the current market is transitioning from a stock market to an incremental market, with increased trading activity and overall valuation trends rising, benefiting the brokerage sector [6][7]. Group 3 - The brokerage sector's performance has shown signs of divergence, with some stocks experiencing gains while others have seen declines, indicating a mixed market sentiment [3][6]. - Analysts recommend focusing on brokerages with strong performance, diversified revenue structures, and low valuations, as well as those benefiting from innovative developments and market trends [7].