旗手惨遭“错杀”，顶流券商ETF（512000）跌超3%，超43亿“耐心资金”涌入，信心来自哪里？

Core Viewpoint - The brokerage sector is experiencing a period of volatility, with the leading brokerage ETF (512000) showing a decline of 3.23% on September 3, 2023, while still attracting significant trading volume of over 1.3 billion CNY, indicating active market participation [1][2]. Group 1: Market Performance - The brokerage ETF (512000) has seen a continuous decline over four consecutive days, reflecting a bearish trend in the sector since reaching a yearly high in early August [2][3]. - Despite the recent downturn, the ETF has attracted a total of 1.084 billion CNY in net inflows over the past four days, with cumulative net inflows of 3.103 billion CNY and 4.381 billion CNY over the past ten and twenty days, respectively, suggesting optimism about the sector's future performance [3]. Group 2: Factors Supporting the Brokerage Sector - The core logic behind the increased allocation value in the brokerage sector is supported by three main factors: policy, capital, and self-transformation [5]. - Policy-wise, there is a clear directive to "activate the capital market," with ongoing measures such as deepening the registration system and optimizing trading mechanisms, which expand the business scope for brokerages [5]. - On the capital side, the recovery of market confidence is leading to increased trading activity and margin financing, alongside the anticipated influx of pension and insurance funds, providing a solid foundation for brokerage performance [5]. - The brokerage industry is focusing on developing high-value-added services, particularly in wealth management and institutional business, which enhances revenue structure and profitability stability [5]. Group 3: Investment Appeal - The combination of policy expectations, improved capital conditions, and internal growth dynamics enhances the profitability outlook for the brokerage sector, making it an attractive investment option [6]. - The brokerage ETF (512000) passively tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while also including mid-sized brokerages for potential high growth [6].