沪指重回3800点，“存款搬家”大幕初启，资金猛攻券商，顶流券商ETF(512000)连续6日吸金近20亿元

Market Overview - On September 5, the A-share market saw a significant rebound, with the Shanghai Composite Index rising over 1% to reclaim the 3800-point mark, ending a three-day decline; the ChiNext Index surged 6.55%, reaching its highest closing price since January 2022 [1] - Recent market volatility has been attributed to a decline in risk appetite rather than substantial negative factors, with previous declines seen as a technical adjustment following significant gains [1] Brokerage Sector Performance - The brokerage sector experienced a turnaround, with the top brokerage ETF (512000) rising 0.67% after five consecutive days of decline, with a total trading volume of 1.486 billion yuan [2][4] - Most brokerage stocks closed in the green, with Nanjing Securities leading with a 4% increase, and several others, including Dongfang Caifu and Jilin Long, rising over 1% [4] - The overall performance of brokerages remains in a volatile correction phase, but there is strong buying interest as investors seek to "bottom fish" [4] Financial Metrics and Projections - In the first half of the year, 49 listed brokerages reported positive net profit growth, with 13 firms seeing increases exceeding 100%, and two firms nearly achieving a 1200% profit growth [4] - The brokerage sector's valuation remains relatively low, with the price-to-book ratio (PB) of the index tracking the brokerage ETF at 1.56, placing it in the 44.9% percentile over the past decade [4] - The brokerage ETF has attracted a total of 1.948 billion yuan over six consecutive days, with a cumulative net inflow of 5.057 billion yuan over the past 20 days [4] Future Market Outlook - Analysts expect continued support from monetary and fiscal policies, which historically have helped the stock market withstand external risks and volatility [1] - The capital market's total market value to household deposits ratio remains low at 0.59, indicating potential for future growth as residents may continue to shift funds from deposits to equities [6] - The ongoing policy focus on stabilizing growth and boosting the capital market is expected to enhance the brokerage sector's performance, with a favorable liquidity environment and improved investor confidence [8]