Zhi Tong Cai Jing·2025-08-22 09:31Group 1 - The core viewpoint of the report is that the 2C securities IT business is showing unexpected resilience, with potential valuation recovery space being twice that of the brokerage sector, driven by recent market activity and margin trading balance exceeding 2 trillion yuan [1] - The 2C securities IT sector is primarily divided into two categories: 2C, which targets retail users, and 2B, which sells and iterates system products to brokerages. The report suggests that 2C companies may outperform 2B companies in the current market environment [1][2] - Historical analysis indicates that during previous brokerage market rallies, the returns of leading 2C securities IT companies were generally double that of the brokerage index, and current valuations have not yet reached historical multiples [1][4] Group 2 - The 2C securities IT business includes traditional brokerage services, customer acquisition advertising, value-added telecom services, and advisory services, with the latter two often overlapping [2] - The report highlights three elastic business categories: hidden customer acquisition potential leading to increased advertising revenue, value-added services contributing to short-term elasticity, and brokerage services linked to market trading volume [3] - Historical data from significant bull markets shows that the current valuations of most 2C securities IT companies have not yet reached their one-year averages, indicating potential for further valuation increases as market liquidity grows [4]