沪指，10年新高！“牛市旗手”券商ETF(512000)摸高2%续刷年内新高，持续放量溢价！

Core Viewpoint - The A-share market is experiencing a significant bullish trend, with the Shanghai Composite Index surpassing its previous high from February 2021, reaching 3738.59 points, marking the highest level since August 2015 [1] Group 1: Market Performance - On August 18, the Shanghai Composite Index rose over 1%, crossing the 3731.69 point mark from February 2021 [1] - The top-performing broker ETF (512000) saw a peak increase of 2%, setting a new annual high, with real-time trading exceeding 1.8 billion yuan [1] - The trading volume for the broker ETF indicates strong buying interest, with a total transaction exceeding 1.8 billion yuan [1] Group 2: Key Stocks and Developments - Changcheng Securities led the current market rally, achieving a four-day consecutive limit-up [1] - Western Securities experienced a significant increase of over 6% following the approval of its acquisition of Guorong Securities on August 15 [1] Group 3: Broker Sector Insights - The current market is characterized as a "healthy bull" driven by national strategic directions, policy support, and the emergence of new growth drivers, which are enhancing market confidence and attracting new capital [2][3] - The broker sector is expected to benefit from increased market activity, with trading volumes consistently exceeding 1 trillion yuan since September of the previous year, and recently surpassing 2 trillion yuan [3] - The allocation to the broker sector remains low, indicating potential for significant returns as the market continues to evolve [4] Group 4: Valuation and Investment Strategy - The current price-to-earnings (PE) ratio for the broker sector is near its average since 2010, and the broker/bank PE ratio remains at a relatively low level compared to recent years [5] - Given the favorable valuation and low market participation, brokers are positioned as a key focus for future investments [6] - The top broker ETF (512000) tracks the CSI All Share Securities Companies Index, encompassing 49 listed broker stocks, with nearly 60% of its holdings concentrated in the top ten leading brokers [6]