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 brokerage sector is experiencing a pullback after a bullish trend, with the leading brokerage ETF (512000) showing a decline of 1.27% in market price, indicating a potential consolidation phase for individual stocks [1][3]. Group 1: Market Performance - The brokerage ETF (512000) has seen a recent drop in price, with a decrease of 1.27% to 0.621, reflecting a broader trend of individual stocks like Dongfang Caifu and CITIC Securities also experiencing declines [1][2]. - Despite the recent pullback, the overall sentiment among institutions remains optimistic, suggesting that there is still room for growth in the brokerage sector [3]. Group 2: Future Projections - According to estimates, if the average daily trading volume reaches 16.5 trillion CNY and the margin financing balance hits 1.89 trillion CNY by 2025, the sector's return on equity (ROE) is expected to rebound to 7.5%, surpassing levels seen in 2017 [3]. - The current price-to-book (PB) ratio for the brokerage sector is 1.45, which is significantly lower than the 1.8 ratio observed in 2017, indicating a potential 25% upside in valuations [3]. Group 3: Fund Inflows and Investment Strategy - The brokerage ETF (512000) has recently attracted significant capital inflows, with a single-day inflow of 1.143 billion CNY, bringing the total fund size to 28.22 billion CNY [3]. - The ETF is designed to passively track the CSI All Share Securities Index, encompassing 49 listed brokerage stocks, with a focus on both leading firms and smaller brokerages, providing a balanced investment approach [5].