Zheng Quan Shi Bao Wang·2025-10-14 23:33Core Viewpoint - Huatai Securities reiterates strategic allocation opportunities in the brokerage sector, driven by multiple factors including policy, capital, performance, and valuation [1] Group 1: Market Environment - The capital market is undergoing profound reforms from top to bottom, entering a new stage of co-development in investment and financing [1] - In a low-interest-rate environment, institutional and retail funds are accelerating their migration to the equity market, continuously bringing in incremental capital [1] Group 2: Brokerage Sector Performance - With market expansion and increased activity, various brokerage businesses are reaching new levels, and profitability is steadily improving [1] - Despite the improvement in profitability, the sector's valuation remains relatively low, indicating a strategic opportunity for recovery [1] Group 3: Investment Focus - Target selection should focus on: 1. Hong Kong stocks with better valuations and smaller circulation [1] 2. A-share leaders with valuation cost-effectiveness [1] 3. Specialized small and medium-sized brokerages [1]