Core Viewpoint - The brokerage sector is experiencing a strategic reallocation of capital despite recent adjustments, with a positive outlook for future growth driven by market activity and industry transformation [1][2][4]. Group 1: Market Activity and Performance - As of September 19, the brokerage ETF has seen a net inflow of over 6 billion yuan over 17 consecutive trading days, indicating strong investor interest [1]. - The non-bank financial sector has experienced a slight increase of 0.81% as of September 22, although it has declined over 8% from its peak on August 25 [2]. - Increased trading activity in the capital markets since July is expected to lead to higher performance expectations for brokerages, with significant growth anticipated in Q3 due to a low base effect [2][3]. Group 2: Valuation and Growth Potential - Current valuations for large brokerages remain at historically low levels, suggesting potential for valuation recovery as the capital market is expected to maintain an upward trend [3][4]. - The brokerage sector is projected to expand its business depth and breadth, with significant growth potential in valuations driven by improved investment banking, derivatives, and public fund businesses [4]. - Analysts recommend focusing on leading institutions with strong competitive positions, those with high earnings elasticity, and firms with robust international business capabilities [4].
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
Zhong Guo Zheng Quan Bao·2025-09-22 20:27