“牛市旗手”再度爆发，长城证券“连砍”三板

Core Viewpoint - The brokerage sector has shown significant strength, with an overall increase of nearly 4% in stock prices, driven by a surge in new account openings and increased trading activity in the market [1][2]. Group 1: Market Performance - The brokerage sector saw individual stocks like Changcheng Securities, Bank of China Securities, and Tianfeng Securities rise, with Changcheng Securities achieving three consecutive daily limits and a market value of 48.66 billion yuan [1]. - New account openings in July 2025 reached 1.96 million, a 71% increase compared to 1.15 million in July of the previous year, contributing to a total of 14.56 million new accounts for the year, up 36.9% [1]. - The total margin financing balance across both exchanges exceeded 2 trillion yuan for the first time in ten years, with a combined balance of 20.34 billion yuan as of August 14, marking an increase of 88.62 billion yuan from the previous trading day [1]. Group 2: Brokerage Business Outlook - The continuous inflow of financing balances is seen as a key driver for market growth and a sign of heightened market sentiment, which is expected to benefit brokerage firms' brokerage, investment banking, and capital intermediary businesses [2]. - Over 20 brokerage firms have reported positive mid-year performance forecasts, indicating a favorable outlook for the sector [3]. - Changcheng Securities anticipates a net profit of 1.335 to 1.407 billion yuan for the first half of the year, representing a year-on-year growth of 85% to 95%, with a first-quarter revenue increase of 41.02% [3].