年内份额增长率超86%，券商ETF（159842）涨0.73%，机构：券商仍有较大发展增量空间

Group 1 - The securities sector is experiencing increased activity, with the broker ETF (159842) rising by 0.73% and trading volume exceeding 36 million yuan as of August 22 [1] - The broker ETF (159842) has seen a year-to-date share growth rate of 86.6% as of August 21, tracking the CSI All Share Securities Company Index [2] - The securities industry has witnessed a significant year-on-year increase in trading volume, with daily stock fund trading reaching 21,549 billion yuan, up 212.23% year-on-year [2] Group 2 - The securities sector is expected to benefit from a favorable policy environment and market recovery, with improvements in brokerage, investment banking, and capital intermediary businesses [2] - The average PB valuation for the industry is projected to be 1.4 times by 2025, indicating that quality brokerages are likely to stand out in a supportive policy backdrop [2] - The securities sector is characterized by a combination of offensive and defensive traits, with non-bank financials still having a safety margin in terms of valuation [2] Group 3 - The government's policies aimed at stabilizing growth and boosting the stock market are expected to continue influencing the sector's future direction [3] - The PB valuation for the securities sector is at 1.53 times as of August 15, 2025, which is within the 32.50% percentile since 2010, indicating a safety margin for investments [3] - The sector is anticipated to benefit from improved market conditions and high trading activity, with a new round of capital market reforms expected to provide significant growth opportunities for brokerages [3]