Xin Lang Ji Jin·2025-07-24 06:08Market Overview - The financing balance has surged to 1.9 trillion, indicating a return of real capital to the market and a revival of market confidence [2] - The Shanghai Composite Index has risen above 3600 points for the first time since October 8, 2024, signaling strong market momentum [4] Brokerage Sector Performance - Nearly 4000 stocks rose today, with total trading volume reaching 1.1 trillion, reflecting a generally mild upward trend in indices [4] - Brokerage stocks are leading the market rally, with Jinlong Co. hitting the daily limit, followed by gains in Guosen Securities, Bank of China Securities, and Zhongyuan Securities [4] ETF and Investment Opportunities - The broker ETF (512000) has recently reached a scale of 25.16 billion and has seen six consecutive days of gains, reflecting a strong correlation with the rising financing balance [8] - Minsheng Securities reports that recently listed brokerages are releasing performance forecasts indicating rapid growth, suggesting a continued recovery trend in brokerage performance [8] Earnings Reports - Several brokerages have reported earnings exceeding expectations, with notable profit growth rates: - Hualin Securities: 151.4% profit growth - Caida Securities: 59.5% profit growth - Guosheng Jinkong: 315.5% profit growth [10] - The overall performance of brokerages is expected to remain strong, with recommendations to focus on leading brokerages, flexible small brokerages, and financial technology sectors [10] Valuation and Market Sentiment - The overall valuation of brokerage stocks remains low, with the CSI All Share Securities Company Index currently at a PB of 1.28, indicating potential for significant upside if the market continues to rise [11] - The current market environment is favorable for brokerages, with supportive policies and a strong likelihood of a bull market, making brokerage stocks an attractive investment [11][13]