Xin Lang Cai Jing·2025-10-29 05:13Core Viewpoint - The securities sector is experiencing significant growth, with major brokerage firms reporting strong earnings and a favorable market environment, indicating a strategic investment opportunity in this industry [3][4]. Group 1: Market Performance - As of October 29, 2025, the CSI Securities Company Pioneer Strategy Index rose by 2.47%, with notable gains from stocks such as Huazhong Securities (10% limit up), Northeast Securities (up 9.73%), and Changjiang Securities (up 4.98%) [1]. - The Securities ETF Pioneer has seen a 57.26% increase in net value over the past three years, with a maximum monthly return of 39.27% since its inception [3]. Group 2: Earnings and Valuation - For the first three quarters of 2025, 14 brokerage firms reported a combined net profit of approximately 46.726 billion yuan, reflecting a year-on-year increase of 46.42%, with three firms doubling their profits and eight firms showing growth between 50% and 100% [3]. - The latest price-to-earnings ratio (PE-TTM) for the Securities ETF Pioneer is 19.78, indicating it is at a historical low, being below 80.8% of the time over the past year [3]. Group 3: Market Outlook - The capital market is expected to maintain a steady upward trend, providing a solid foundation for continued earnings growth in the brokerage sector [3]. - The current market conditions, including new account openings and the movement of household deposits, suggest that trading sentiment will remain high, further boosting brokerage business growth [4].