Zhongtai Securities(SH:600918) Sou Hu Cai Jing·2025-09-10 06:02Core Viewpoint - The securities brokerage sector is experiencing a mixed performance, with notable movements in the ETF market and an increase in capital-raising activities among brokerages, indicating a recovery in capital demand within the industry [1][3]. Group 1: Market Performance - As of September 10, 2025, the CSI All Share Securities Company Index (399975) decreased by 0.25%, with mixed performances among constituent stocks [1]. - Pacific Securities (601099) led the gains with an increase of 2.57%, while Guolian Minsheng (601456) experienced the largest decline [1]. - The brokerage ETF (512000) underwent a downward adjustment [1]. Group 2: ETF Trading and Performance - The brokerage ETF recorded a turnover rate of 2.09% and a transaction volume of 6.73 billion yuan [2]. - Over the past month, the average daily trading volume of the brokerage ETF was 18.67 billion yuan, ranking it among the top two comparable funds [2]. - The latest scale of the brokerage ETF reached 32.89 billion yuan, marking a new high since its inception and ranking second among comparable funds [2]. - The ETF's shares reached 54.158 billion, a one-year high, making it the top fund in terms of shares [2]. - The brokerage ETF has seen continuous net inflows over the past nine days, with a maximum single-day net inflow of 768 million yuan, totaling 3.371 billion yuan in net inflows [2]. - The net asset value of the brokerage ETF increased by 53.70% over the past year [2]. Group 3: Capital Raising Activities - Recently, Zhongtai Securities announced that its 6 billion yuan private placement application was approved by the Shanghai Stock Exchange [3]. - In 2023, only Guohai Securities raised 3.2 billion yuan through private placements, while Guolian Minsheng and Guotai Haitong engaged in refinancing due to industry mergers [3]. - Five brokerages have accelerated their private placement activities this year, indicating a recovery in capital demand: 1. Zhinanzhen updated its 2.9 billion yuan private placement plan on May 14 2. Tianfeng Securities completed a 4 billion yuan private placement on June 23 3. Nanjing Securities extended the validity of its 5 billion yuan private placement until July 4 of the following year 4. Dongwu Securities announced a 6 billion yuan private placement plan on July 10 5. Zhongtai Securities' application was approved on September 5 [3]. - The acceleration of private placements among brokerages reflects a recovery in capital demand and is expected to enhance their capital strength and competitiveness [3].