基本面无虞叠加估值处在低位机构看好券商板块投资价值

Core Viewpoint - The brokerage sector has experienced a continuous adjustment since the end of August, but there is still significant capital inflow, indicating a strategic investment opportunity in the sector due to its solid fundamentals and low valuation levels [1][2]. Group 1: Market Activity and Performance - As of September 19, the brokerage ETF (512000) has seen a net inflow of over 6 billion yuan over 17 consecutive trading days [1]. - The non-bank financial sector has shown a slight increase of 0.81% as of September 22, but has declined over 8% from its peak on August 25 [1]. - The trading activity in the capital market has significantly increased since July, leading to high performance expectations for brokerages [1]. Group 2: Growth Expectations - Analysts expect the brokerage sector to maintain high growth in Q3, driven by increased trading activity and a low base effect, with year-on-year performance growth likely to expand further [1][2]. - The demand for wealth management among residents is anticipated to continue rising, contributing to double-digit profit growth for brokerages in Q3 [2]. Group 3: Valuation and Strategic Opportunities - The brokerage sector's valuation remains at historically low levels, with potential for significant recovery as the capital market is expected to trend upward [2]. - Analysts highlight the potential for the brokerage sector to expand its business depth and breadth, driven by a favorable long-term market outlook [2][3]. Group 4: Investment Strategies - Recommended investment strategies include focusing on leading institutions benefiting from an optimized competitive landscape, brokerages with high earnings elasticity, and firms with strong international business capabilities [3]. - Additionally, attention should be given to brokerages with advantages in retail business and those benefiting from cross-border asset management pilot programs in Hainan [3].