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沪指失守3800点，顶流券商ETF（512000）下探2%， 高景气+低估值，机构喊话无需担忧
Xin Lang Ji Jin·2025-09-23 03:36

Core Viewpoint - The overall market is experiencing fluctuations, with the Shanghai Composite Index falling below 3800 points, and the brokerage sector showing a decline, except for Xiangcai Shares [1] Group 1: Market Performance - On September 23, the market showed overall volatility, with the Shanghai Composite Index dropping below 3800 points [1] - The 300 billion yuan top brokerage ETF (512000) saw a decline of over 2%, with real-time transaction volume exceeding 1 billion yuan, approaching the previous day's total transaction volume [1] - Despite the ongoing market adjustments since the end of August, there has been a sustained enthusiasm for capital inflow, with the brokerage ETF (512000) attracting a net inflow of 6.481 billion yuan over 18 consecutive trading days [2] Group 2: Brokerage Sector Analysis - Analysts suggest that the recent adjustments in the brokerage sector do not warrant excessive concern, as the sector's fundamentals remain strong due to increased capital market activity and new business growth opportunities from industry transformation [4] - The brokerage sector index has lagged behind the overall market recovery, but the performance of the capital market is expected to maintain a steady upward trend, enhancing the sustainability of earnings growth in the brokerage industry [4] - The brokerage ETF (512000) has tracked the CSI All Share Securities Company Index, which has risen by 4.59% year-to-date as of September 22, ranking 25th out of 32 in terms of growth among 31 Shenwan first-level industries [4] Group 3: Investment Opportunities - The brokerage ETF (512000) has reached a new historical high with a scale exceeding 34 billion yuan, and its average daily transaction volume has reached 957 million yuan, making it one of the top brokerage ETFs in terms of scale and liquidity in the A-share market [5] - The ETF includes 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while the remaining 40% includes smaller brokerages with high earnings elasticity [5]