ETF盘前资讯|牛市强信号！券商集体起立，还有多少空间？

Core Viewpoint - The surge in brokerage stocks indicates a potential new market trend, with many analysts suggesting that the brokerage sector remains undervalued despite recent gains [2][3]. Group 1: Market Performance - Last Friday, major brokerage stocks saw significant increases, with the A-share leading brokerage ETF (512000) rising over 5.7% at one point and closing up 4.89%, achieving a daily trading volume of 2.747 billion yuan, marking a new high for the year [1]. - A total of 49 brokerage stocks experienced gains, with Changcheng Securities and Tianfeng Securities hitting the daily limit, and Dongfang Caifu rising by 9.85% with a trading volume of 44.212 billion yuan, making it the top performer in A-shares [2]. Group 2: Valuation and Growth Potential - Analysts from multiple institutions highlight that the brokerage sector's performance has not kept pace with its earnings growth, indicating a "lagging" characteristic. The SW brokerage index has only increased by 10% this year, compared to historical maximum increases of 69%, 62%, and 90% in previous years [2]. - The current price-to-book (PB) ratio for brokerages is at a historical low of 1.4 times, suggesting significant potential for valuation recovery as market activity increases [3]. Group 3: ETF Insights - The brokerage ETF (512000) has surpassed 26.7 billion yuan in total assets, with an average daily trading volume of 850 million yuan, making it one of the most liquid ETFs in the A-share market [4]. - The ETF passively tracks the CSI All Share Securities Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while the remaining 40% includes smaller brokerages with high growth potential [4].