Zheng Quan Shi Bao Wang·2025-08-19 00:13Core Viewpoint - The report from Huatai Securities indicates a steady upward trend in the equity market since the beginning of the year, with increasing trading volume, margin financing balance, and issuance scale of equity products, leading to a valuation recovery for brokerage firms [1] Group 1: Market Performance - The equity market has shown sustained improvement, with continuous growth in trading volume and margin financing balance [1] - The issuance scale of equity products has also been on the rise, contributing to the overall positive market sentiment [1] Group 2: Brokerage Firms' Performance - Brokerage firms are experiencing a more sustainable growth in performance compared to previous market conditions [1] - There is a notable differentiation in the recovery pace within the sector, with H-shares outperforming A-shares [1] - Brokerages with stable earnings growth are performing better in the current market environment [1] Group 3: Investment Outlook - The current yield on equity assets is steadily increasing, with a gradual influx of retail funds into the market [1] - Huatai Securities is optimistic about the sustainability of the market's upward trend [1] - The sector is currently undervalued and underweighted, entering a new phase of performance and valuation recovery, suggesting a potential for value re-evaluation in the brokerage sector [1]