券商板块逆市飘红，证券ETF、券商ETF上涨

Market Performance - Major A-share indices experienced a collective decline, with the Shanghai Composite Index falling below 3900 points, closing down 0.94% at 3897 points, the Shenzhen Component down 2.7%, the ChiNext down 4.55%, and the STAR Market 50 Index down 5.61% [1] - The total market turnover was 2.53 trillion yuan, a decrease of 137.7 billion yuan from the previous trading day, with over 2700 stocks rising and more than 2500 stocks falling [1] New Account Openings - In September, A-share new account openings reached 2.9372 million, a year-on-year increase of 60.73%, marking the second-highest monthly figure of the year, following March's 3.0655 million [2] - Of the new accounts in September, 2.9263 million were individual accounts and 10,900 were institutional accounts, marking the first time this year that institutional new accounts surpassed 10,000 [3] Year-to-Date Account Openings - For the first three quarters of the year, total new A-share accounts reached 20.1489 million, a year-on-year increase of 49.64% [4] - Monthly comparisons show significant fluctuations, with January at 1.57 million, February at 2.83 million, and March exceeding 3 million, while April saw a decline of 37.22% [4] - The increase in new accounts is closely related to the active market performance in September, with the Shanghai Composite Index rising 0.64% and the ChiNext Index rising 12.04% for the month [4] Margin Financing - The margin financing balance continued to rise, with a net buying amount of 50.8 billion yuan on October 9, the highest in nearly a year and the second-highest in history [5] - As of October 9, 2025, the margin financing balance in the Shanghai, Shenzhen, and Beijing markets reached 24.292 billion yuan, setting a new historical high [6] - Despite the increase in margin financing, the overall leverage level in the market remains stable, with the financing balance accounting for 2.51% of the circulating market value, significantly lower than the historical peak of 4.72% [6] Brokerage Sector Outlook - The daily average trading volume in the third quarter reached 1 trillion yuan, a year-on-year increase of 117%, with margin financing balances hitting new highs [7] - The brokerage sector is expected to benefit from increased trading volumes and improved earnings, with a focus on brokers with high brokerage, margin financing, and investment ratios [7] - The current PB (LF) valuation for A-share brokerages is 1.60x, positioned at the 39th percentile since 2014, indicating potential for high-value investment opportunities [6][7]