券商股近期回调，资金持续抄底证券ETF、券商ETF、香港证券ETF

Core Viewpoint - Recent pullback in brokerage stocks has led to a continuous influx of capital into securities ETFs, indicating investor interest despite market fluctuations [1][2]. Group 1: Market Performance - From August 25 to September 17, securities ETFs, brokerage ETFs, and Hong Kong securities ETFs experienced a decline of 5% [2]. - Over 33.7 billion yuan has flowed into securities-themed ETFs during this period, with specific inflows of 13.116 billion yuan into securities ETFs, 6.582 billion yuan into brokerage ETFs, and 5.287 billion yuan into Hong Kong securities ETFs [2]. - The A-share market's margin trading balance reached a record high of 2.4054 trillion yuan as of September 17, 2025, marking a continuous increase since August [3]. Group 2: Trading Activity - A-share trading volume has surpassed 1 trillion yuan for 81 consecutive trading days, with 1.5 trillion yuan for 46 days and 2 trillion yuan for 5 days [4]. - In August, the number of new A-share accounts reached 2.65 million, a 35% increase from July, indicating a trend of capital moving from savings into the stock market [4]. Group 3: Financial Performance of Brokerages - In the first half of 2025, 42 listed brokerages reported a 30.8% year-on-year increase in total revenue to 251.9 billion yuan, and a 65.1% increase in net profit to 104.1 billion yuan [4]. - Brokerage net income rose by 44.0% to 63.5 billion yuan, driven by increased trading activity and optimized product structures [5]. - Investment banking revenue increased by 18.1% to 15.5 billion yuan, reflecting a shift towards platform-based operations [5]. Group 4: Cost and Efficiency - The management expense ratio for the 42 listed brokerages decreased by 7.37 percentage points to 50.8% [5]. - Credit impairment losses rose by 37.4% to 620 million yuan, indicating a gradual shift in cost trends [5]. Group 5: Market Outlook and Recommendations - Market recovery is expected to enhance beta elasticity, with an improved asset allocation structure likely to drive valuation increases [6]. - The brokerage sector's price-to-book ratio stands at 1.58, within the 43.84% percentile over the past decade, suggesting potential for further investment [7]. - Recommended stocks include Nanhua Futures, Bank of China Securities, and others, with a focus on both short-term and long-term opportunities in the brokerage sector [7].