券商三季报业绩爆发，估值低位或迎补涨良机？

Core Viewpoint - The brokerage sector has shown strong performance in Q3 2025, with a significant year-on-year increase in net profit, yet the market performance remains lagging, indicating a potential for future recovery and upward movement in stock prices [1][3][5]. Financial Performance - As of October 28, 2025, 14 brokerages reported a combined net profit of approximately 46.726 billion yuan for the first three quarters, reflecting a year-on-year increase of 46.42% [3]. - Three brokerages saw their net profit double, while eight others experienced growth rates between 50% and 100% [3]. - The average daily trading volume in the market increased to 1.6 trillion yuan, a year-on-year growth of 103.1%, driving revenue growth in brokerage services [6]. Market Performance - Despite strong earnings, the brokerage sector index has only risen by 6.99% year-to-date, significantly underperforming compared to the CSI 300 index (19.24%) and the Wind All A index (26.92%) [5]. - The current price-to-earnings ratio for the brokerage sector is 19.94, which is at a low point historically, suggesting substantial room for valuation recovery [5]. Investment Opportunities - The brokerage sector is characterized by high industry prosperity, low valuations, and clear policy support, making it a significant investment opportunity [9]. - The brokerage ETF (159842) offers a low comprehensive fee rate of 0.2%, providing an efficient tool for investors to capitalize on opportunities within the brokerage sector [9]. Positive Signals - The market is witnessing multiple positive signals that support the long-term development of the brokerage sector, including active market conditions and favorable policy expectations [8][9]. - The "14th Five-Year Plan" emphasizes the development of direct financing and related business areas, which could benefit brokerages with strong capabilities in investment banking and asset management [9].