3900点拉锯战，资金大举涌入券商！顶流券商ETF（512000）10日吸金逾29亿元，关注三季报

Core Viewpoint - The brokerage sector is experiencing a positive sentiment with significant capital inflow, indicating optimism about market trends and potential performance improvements in the near future [3][4]. Group 1: Market Performance - The Shanghai Composite Index has fluctuated around the 3900-point mark, with the brokerage ETF (512000) showing a slight decline of 0.17% in early trading, while maintaining a positive premium attitude from buyers with a real-time premium rate of 0.19% [1][3]. - Recent data indicates that the brokerage ETF has seen a net inflow of 3.45 billion yuan in a single day, with a cumulative net inflow of 29.25 billion yuan over the past ten days, reflecting a recovery in investor confidence [3]. Group 2: Investor Sentiment and Trends - The number of new margin trading accounts opened in September 2025 reached 205,400, marking a month-on-month increase of 12.24% and a year-on-year surge of 288%, indicating a significant recovery in market sentiment [3]. - The continuous rise in new margin accounts since May has brought fresh capital into the market, enhancing liquidity and activity, while also showcasing the effectiveness of policies aimed at boosting investor confidence [3]. Group 3: Brokerage Sector Outlook - The third-quarter earnings reports for brokerages are expected to show strong growth, driven by increased market trading volume and margin balances, which could lead to a valuation recovery for the sector [3][4]. - The current price-to-book ratio (PB) for the brokerage ETF is 1.57, placing it in the lower range of the past decade, suggesting attractive valuation opportunities [4]. - Analysts believe that the brokerage sector is in a phase of fundamental improvement and low valuation, with the upcoming earnings reports being crucial to breaking the current valuation mismatch [4].