注销回购股份，天风证券涨超4%！顶流券商ETF（512000）上探1%，单日再揽5.3亿元

Core Viewpoint - The brokerage sector is experiencing positive momentum with significant stock price increases and active trading, indicating strong investor interest and potential growth opportunities in the market [1][3]. Group 1: Market Performance - On October 21, the brokerage sector opened high, with most stocks showing gains; Tianfeng Securities rose over 4%, while Changjiang Securities, Zhongyuan Securities, and CITIC Securities increased by over 1% [1]. - The 300 billion yuan top-tier brokerage ETF (512000) saw its price rise by over 1% at one point, currently up 0.85%, with real-time trading volume exceeding 400 million yuan, indicating active trading [1][5]. Group 2: Company Announcements - Tianfeng Securities announced the cancellation of 67.787 million repurchased shares, accounting for 0.67% of the company's total shares before cancellation, which is expected to enhance earnings per share and boost investor confidence [1][3]. Group 3: Earnings Forecast - Analysts predict that the brokerage sector will benefit from increased market activity and institutional innovation, with a projected 58.63% year-on-year growth in net profit for listed brokerages by Q3 2025 [3]. - Current valuations of brokerages are seen as mismatched with performance improvements, suggesting ample room for valuation upgrades; the sector's dynamic price-to-book (PB) ratio for 2025 is estimated at 1.40 times, while the price-to-earnings (PE) ratio is projected at 16.6 times [3]. Group 4: Fund Inflows - The brokerage ETF (512000) has recently attracted significant capital inflows, with a net inflow of 527 million yuan on the latest trading day and a total of over 1.4 billion yuan in net inflows over the past five days [3][5]. - The ETF has a current scale exceeding 37.7 billion yuan, with an average daily trading volume of over 1 billion yuan this year, making it one of the largest and most liquid ETFs in the A-share market [5][6]. Group 5: Investment Strategy - The brokerage ETF (512000) passively 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, while also including mid and small brokerages for high growth potential [6].