券商ETF（159842）逆市飘红，昨日“吸金”超1.1亿元，机构：证券行业景气上行趋势未改

Group 1 - The three major indices opened lower and continued to decline, while the broker ETF (159842) rose by 0.5% against the trend [1] - Jinlong Co. saw a rise of over 4%, with Huaxin Securities, GF Securities, and Guosen Securities also experiencing gains [1] Group 2 - According to Wind data, the broker ETF (159842) experienced a net inflow of over 110 million yuan yesterday [2] - The broker ETF tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities companies to reflect the overall performance of the industry [2] - Western Securities believes that the upward trend in the securities industry remains unchanged, presenting a relatively undervalued asset with high year-on-year performance growth [2] - The improvement in industry prosperity, potential mergers and acquisitions, and changes in financial technology provide room for valuation recovery [2] - Huatai Securities points out that the current prosperity of equity assets is stable and rising, and they are optimistic about the continuous growth of broker performance and valuation [2] - As of the end of Q2 2025, the allocation of active equity funds in broker stocks is at 0.64%, which is still at a low level since 2018 [2] - The current A-share broker sector has a PB (LF) valuation of 1.60x, at the 39th percentile since 2014, while the H-share Chinese broker index has a PB (LF) valuation of 0.93x, at the 72nd percentile over the past decade [2] - It is recommended to seize high cost-performance allocation opportunities [2]