PACIFIC SECURITIES(SH:601099) Xin Lang Cai Jing·2025-09-04 05:45Core Viewpoint - The securities industry is experiencing growth, with significant performance in the brokerage sector, as indicated by the rise in the brokerage ETF and the strong revenue figures from leading firms [1][2]. Group 1: Market Performance - As of September 4, 2025, the CSI All Share Securities Company Index increased by 0.56%, with notable gains from Pacific Securities (up 10.11%) and Huayin Securities (up 5.72%) [1]. - The brokerage ETF (512000) rose by 0.67%, with a trading volume of 1.164 billion yuan and a turnover rate of 3.78% [1]. - Over the past two weeks, the brokerage ETF's scale grew by 2.288 billion yuan, ranking second among comparable funds [1]. Group 2: Fund Performance - The brokerage ETF's net value increased by 13.36% over the past six months, placing it among the top two in its category [2]. - Since its inception, the brokerage ETF has achieved a maximum monthly return of 38.02% and an average monthly return of 6.98% [2]. - The ETF has seen consistent net inflows, totaling 1.852 billion yuan over the last five days, with a peak single-day inflow of 768 million yuan [1][2]. Group 3: Industry Insights - In the first half of the year, ten leading brokerages reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.039 billion yuan [2]. - The brokerage sector is expected to benefit from a new upward cycle in the capital market, with improved operating conditions and market capacity [2]. - The current average P/B ratio for large brokerages is 1.61x, indicating that valuations are at a historically low level [2]. Group 4: ETF Composition - The brokerage ETF tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten brokerages [5]. - The ETF serves as an efficient investment tool, balancing exposure to leading brokerages while also capturing the high growth potential of smaller firms [5].