Xin Lang Ji Jin·2025-10-22 02:41Core Insights - The A-share market opened lower on October 22, with the Shanghai Composite Index hovering above 3900 points, showing a narrow range of fluctuations [1] - Major brokerage firms are distributing mid-term dividends, with a total of 52 billion yuan planned for distribution among eight firms from October 22 to 28 [3] - The overall sentiment in the brokerage sector is positive, with expectations of continued high growth in earnings due to favorable market conditions and policy support [3][4] Brokerage Sector Performance - The top brokerage ETF (512000) experienced a 0.5% decline, but showed signs of active buying interest as the real-time premium rate was at 0.14% [1] - The ETF's scale has exceeded 379 billion yuan, with an average daily trading volume of over 10 billion yuan, indicating strong liquidity and market interest [6] - The price-to-book ratio (PB) of the index tracked by the ETF is at 1.57, which is in the lower range of the past decade, suggesting attractive valuation [4] Dividend Distribution - A total of 29 brokerage firms are expected to distribute mid-term dividends this year, amounting to over 180 billion yuan, with CITIC Securities leading at 4.298 billion yuan [3] - This distribution is seen as a positive signal that may enhance investor confidence and boost the valuation of the brokerage sector [3] Earnings Forecast - The upcoming third-quarter reports are anticipated to show continued high growth in brokerage earnings, with Dongwu Securities projecting a net profit increase of 50% to 65% year-on-year [3] - Dongguan Securities expects a net profit growth of 77.77% to 96.48% year-on-year, reflecting the overall positive outlook for the sector [3] Market Dynamics - The brokerage sector is experiencing a phase of fundamental improvement driven by policy support, active market trading, and strong earnings growth, which is expected to enhance its investment appeal [3][4]