关键一跌！“旗手”护盘未果，三大支撑，顶流券商ETF(512000)近20日大举吸金41亿！

Market Overview - A-shares experienced a sudden adjustment with all three major indices closing in the red, despite brokerages attempting to support the market [1] - The Pacific Securities surged over 6% during the day, with a net inflow of 2.686 billion yuan from main funds [1] - The broker ETF (512000) saw a decline of 1.27%, marking three consecutive days of losses, with a total trading volume exceeding 1.8 billion yuan [1][3] ETF Performance - The broker ETF (512000) has seen a net inflow of 4.62 billion yuan in a single day, accumulating over 4.1 billion yuan in net inflows over the past 20 days [3] - The latest fund size of the broker ETF (512000) has surpassed 31.2 billion yuan, reaching a historical high, with an average daily trading volume of over 900 million yuan [3][5] Industry Outlook - Morgan Stanley does not believe the market has entered a fully overheated state, indicating that current trading volumes and margin financing balances are manageable compared to historical records [4] - Zhongyuan Securities suggests that the A-share market is in a favorable environment with supportive policies and ample liquidity, expecting a steady upward trend in the short term [4] Broker Performance - All 49 broker stocks in A-shares reported positive growth in net profit for the first half of the year, with 13 companies seeing growth exceeding 100% [5] - The core businesses of brokerage firms, particularly brokerage and proprietary trading, are expected to drive further performance recovery [5][8] Valuation and Investment Potential - The price-to-book ratio (PB) of the index tracked by the broker ETF (512000) is currently at 1.65 times, which is within the median range of the past decade [5] - The broker sector is positioned for potential upward movement, as it remains undervalued compared to historical highs [7] Policy and Funding Support - The active capital market policy is expected to enhance the business scope for brokerages, including investment banking, brokerage, and asset management [7][8] - The recovery of market confidence is anticipated to boost trading activity and margin financing, with the influx of pension and insurance funds expected to support brokerage performance [8][9]