年内份额增长率超200%，券商ETF（159842）盘中溢价，机构：看好低估值龙头券商机会

Group 1 - The three major indices opened higher on September 30, with the Shanghai Composite Index up 0.19%, the Shenzhen Component Index up 0.19%, and the ChiNext Index up 0.04. The securities sector experienced fluctuations during the trading session [1] - The broker ETF (159842) saw a decline of 0.25% with a trading volume exceeding 850 million yuan, and a premium/discount rate of 0.12%. The ETF's circulating shares reached 5.525 billion, marking a year-to-date growth rate of 208.11%, the highest among similar products [1] - The broker ETF tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities company stocks from the CSI All Share sample to reflect the overall performance of the industry [1] - Ping An Securities noted an improvement in market sentiment for the securities sector, with high trading activity benefiting from market recovery. The sector is expected to have significant growth potential with the new round of capital market reforms [1] - Financial regulatory policies are continuously improving, with the revised "Trust Company Management Measures" clarifying business scope and regulatory requirements, enhancing risk control, and promoting industry standardization [1] Group 2 - As of September 25, the A-share margin financing balance increased to 2.44 trillion yuan, setting a new historical record. The financing balance accounted for 2.54% of the circulating market value, and the financing buying amount represented 11.80% of A-share trading volume [2] - Despite the rise in margin financing, the overall leverage level in the market remains within a stable and controllable range, with the current financing balance significantly below the historical peak of 4.72% [2] - The average maintenance guarantee ratio in the market remains high, indicating that the current active trading environment is built on a relatively stable foundation [2] - Open Source Securities highlighted that the increasing trading volume suggests that the non-bank financial sector's performance may exceed expectations, particularly for undervalued leading brokerages [2] - The financial engineering team believes that the current industry index exhibits a "leading-lagging" dynamic relationship, with leading brokerages potentially driving industry momentum due to their trading volume advantages [2] - The securities sector is expected to benefit from increased market activity, with the combination of low valuation and performance elasticity creating a positive feedback loop, although attention should be paid to market volatility and proprietary investment yield risks [2]