华泰证券：重视券商股价值重估行情

Core Viewpoint - The equity market has shown steady upward momentum since the beginning of the year, with increasing trading volume, margin financing balances, and issuance scale of equity products, leading to a recovery in broker valuations [1] Group 1: Market Performance - The market's performance has demonstrated enhanced sustainability, resulting in more consistent growth in brokerage firms' earnings [1] - There is a divergence in the recovery pace within the sector, with H-shares outperforming A-shares, and brokerages with robust earnings growth performing better [1] Group 2: Investment Outlook - Current equity asset yields are steadily increasing, and the central government's positive stance on the capital market is providing support [1] - The introduction of quasi "stabilization funds" is contributing to market stability, while resident funds are gradually entering the market [1] - The sector is currently undervalued and underweighted, entering a new phase of earnings and valuation recovery, with expectations for a revaluation trend in the sector [1]