HTSC(SH:601688) Xin Lang Ji Jin·2025-10-10 01:20Core Viewpoint - The A-share market has shown strong upward momentum, with the Shanghai Composite Index breaking through the 3900-point mark, reaching a ten-year high, driven by significant inflows into the brokerage sector [1][3]. Group 1: Market Performance - On October 9, the Shanghai Composite Index surpassed 3900 points, marking a new high in over a decade [1]. - The brokerage sector, despite a subdued performance, continues to attract substantial capital, with the top-tier brokerage ETF (512000) seeing a net inflow of 818 million yuan in a single day and a cumulative net inflow of 5.433 billion yuan over the past 20 days [1]. Group 2: Brokerage Sector Outlook - The brokerage industry is expected to maintain high growth in Q3, supported by a low base effect, making it a key catalyst for the sector [3]. - Current market conditions indicate a rising trend in the brokerage industry's prosperity, characterized by relatively low valuations and high year-on-year growth, presenting notable investment value [3]. - Long-term trends suggest a shift in asset allocation from real estate and fixed-income assets to equity assets among residents, driven by declining yields in fixed-income investments and ongoing improvements in the real estate market [3]. - The market is entering a virtuous cycle, with strong sustainability in market conditions, which serves as an internal driver for the upward valuation of the brokerage sector [3]. Group 3: ETF and Investment Strategy - The brokerage ETF (512000) tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [5]. - The ETF serves as an efficient investment tool, balancing exposure to leading brokerages while also capturing the high growth potential of smaller brokerages [5]. - As of October 9, the price-to-book ratio (PB) of the index tracked by the brokerage ETF is 1.58, placing it in the lower range of the past decade, highlighting its valuation attractiveness in a bullish market environment [3].