券商板块估值修复机遇获看好

Core Viewpoint - The brokerage sector is experiencing a valuation recovery phase, supported by strong performance and favorable market conditions, with analysts optimistic about continued growth in the sector [1][2][3]. Market Performance - The A-share market has shown a positive trend this year, with the Shanghai Composite Index up 15.48%, the Shenzhen Component Index up 24.1%, and the ChiNext Index up 41.04% as of September 14 [2]. - The average daily trading volume in the A-share market reached 1.6 trillion yuan, more than doubling year-on-year [2]. Brokerage Sector Performance - In the first half of the year, 42 A-share listed brokerages reported a total operating income of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit attributable to shareholders of 104.02 billion yuan, up 65.08% [2]. - The brokerage sector index has risen 11.58% year-to-date, with 43 out of 50 stocks in the sector showing gains, and 17 stocks increasing by over 10% [3]. Valuation Recovery and Investor Returns - Ten brokerage firms have conducted share buybacks totaling 221 million shares, with a total buyback amount of 2.34 billion yuan, a 158.34% increase from the previous year [4]. - A total of 28 listed brokerages have announced semi-annual dividend plans, proposing a total dividend of 18.80 billion yuan, significantly higher than last year's total of 13.84 billion yuan [4]. - Analysts believe that these actions enhance shareholder returns and market confidence, contributing to the valuation recovery of the sector [4]. Future Outlook - Analysts expect the brokerage sector to continue its upward trajectory, with improved operating environments and sustainable performance enhancing growth prospects [4][5]. - The sentiment in the brokerage sector is anticipated to remain positive, with potential for further market performance if new capital flows into the market [5].