Xin Lang Cai Jing·2025-08-22 00:12Core Viewpoint - The market trading activity has significantly increased since the beginning of the year, with strong demand for new accounts, leading to a new phase of performance and valuation recovery for brokerages [1] Group 1: Market Activity - Brokerages are accelerating customer acquisition through fee reductions, refined services, and multi-platform marketing [1] - The equity market is steadily rising, with resident funds gradually entering the market [1] Group 2: Valuation Metrics - The current A-share brokerage index PBLF is at 1.67x, positioned at the 46th percentile since 2014 [1] - The H-share Chinese brokerage index PBLF stands at 1.00x, located at the 76th percentile since 2016 [1] Group 3: Investment Opportunities - The sector is expected to experience a value reassessment, with a focus on: 1. Leading A and H brokerages with stable performance growth and PBLF around 1-1.1x [1] 2. Companies leading in wealth management transformation and international business [1] 3. Mid-sized brokerages with relatively low valuations [1]