Core Viewpoint - The securities sector is experiencing a rebound with significant trading activity and growth in margin financing, leading to optimistic projections for the third-quarter earnings of listed brokerages, which are expected to show a year-on-year increase of 53.1% for the first three quarters of 2025 [1] Group 1: Market Performance - As of October 13, 2025, the National Securities Leading Index (399437) shows mixed performance among its constituent stocks, with Huayin Securities (002945) leading with a 4.69% increase [1] - The Securities ETF Leader (159993) has a latest price of 1.35 yuan, with a net subscription of 128 million units today, marking four consecutive days of net inflow [1] Group 2: Earnings Projections - The trading activity and margin financing scale have significantly increased in Q3, with expectations for the year-on-year growth rate of brokerage firms' Q3 earnings to reach 58% and a quarter-on-quarter increase of 1% [1] - The projected net profit attributable to the parent company for listed brokerages in the first three quarters is expected to grow by 53.1%, up from 50.4% in the mid-year report [1] Group 3: Valuation Metrics - The current price-to-book (PB) ratio for the brokerage sector is 1.47 times, which is at the 39th percentile since 2014, while the price-to-earnings (PE) ratio for 2025 is projected at 17 times, at the 26th percentile since 2014 [1] - The fundamentals of the brokerage sector remain strong, with valuations still at low levels and significant underweighting by institutions, indicating strategic allocation opportunities [1] Group 4: Index Composition - As of September 30, 2025, the top ten weighted stocks in the National Securities Leading Index (399437) include Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688), collectively accounting for 79.09% of the index [2]
净申购1.28亿份，证券ETF龙头(159993)资金逆势布局，连续4天净流入
Xin Lang Cai Jing·2025-10-13 07:37