牛市歇脚，“旗手”倒车接人？顶流券商ETF(512000)跌逾1%，资金单日狂买11亿元

Core Viewpoint - The recent pullback in the A-share brokerage sector, represented by the brokerage ETF (512000), indicates a consolidation phase after previous gains, with expectations for future upward momentum in the market [1][3]. Market Performance - As of August 19, the brokerage ETF (512000) saw a decline of 1.27%, with major stocks like Dongfang Caifu dropping over 1% and Citic Securities down by 0.95% [1][2]. - The brokerage sector's performance has been relatively subdued, ranking 21st among 31 industries in terms of year-to-date performance, despite a 31% increase in the sector index [4][5]. Industry Outlook - Institutions maintain an optimistic outlook for the brokerage sector, citing ongoing market sentiment and the influx of new capital as potential catalysts for growth [4]. - According to estimates, the sector's return on equity (ROE) is projected to rebound to 7.5% by 2025, surpassing 2017 levels, with a current price-to-book (PB) ratio of 1.45, suggesting approximately 25% upside potential in valuations [4]. Fund Performance - The brokerage ETF (512000) has reached a fund size of 28.22 billion yuan, with an average daily trading volume of 866 million yuan, positioning it as a leading ETF in terms of scale and liquidity within the A-share market [6][7]. - The ETF passively tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with a significant portion of its holdings concentrated in top-tier brokerages [7].