2 1 Shi Ji Jing Ji Bao Dao·2025-09-04 01:58Group 1 - The A-share market showed mixed performance on September 4, with the brokerage sector being active, particularly the brokerage ETF (159842), which rose by 0.25% and had a trading volume exceeding 27 million yuan, indicating active trading with a premium rate of 0.02% [1] - The brokerage ETF (159842) has seen a net inflow of 99.88 million yuan yesterday and has recorded net inflows for six consecutive trading days, accumulating over 1 billion yuan [1] - The securities brokerage business revenue for 42 listed brokerages reached 74.563 billion yuan in the first half of 2025, marking a year-on-year increase of approximately 50%, with the top ten brokerages accounting for over 60% of the total revenue [1] Group 2 - Huatai Securities noted that while the equity market has been rising since the beginning of the year, the brokerage index has not recovered as much as the broader market, with large brokerages' valuations remaining at historically low levels [2] - The average PBLF (Price to Book Value) ratio is currently at 1.61x, which is at the 44th percentile since 2014, indicating potential for valuation recovery in the brokerage sector [2] - The brokerage sector is expected to experience a new upward cycle in the capital market, with enhanced sustainability in performance due to a different operating environment and market capacity compared to the past [2]