HTSC(SH:601688) Mei Ri Jing Ji Xin Wen·2025-09-05 05:50Group 1 - The securities sector has been experiencing a continuous pullback, with the securities ETF (512880) showing five consecutive days of decline, while funds have been buying on dips, resulting in a net inflow of over 7.7 billion yuan in 10 days and nearly 10 billion yuan in the last 20 trading days [1] - Huatai Securities indicates that the current valuation of major brokerages remains at historically low levels, with the current PBLF average at 1.61x, which is at the 44th percentile since 2014 [1] - Looking ahead, the capital market is expected to enter a new upward cycle, with a different operating environment and market capacity for brokerages, leading to enhanced sustainability in performance and an optimistic outlook for valuation recovery in the brokerage sector [1] Group 2 - Investors interested in this sector can consider related investment opportunities, including the securities ETF's connecting fund (012363) for those without stock accounts [1]