无惧震荡，资金+业绩强支撑！顶流券商ETF（512000）连续3日吸金逾14亿元，规模首次逼近400亿元

Core Viewpoint - The brokerage sector is experiencing volatility, with most individual stocks retreating, yet there is a notable inflow of funds into the brokerage ETF, indicating strong investor confidence [1][3]. Group 1: Market Performance - The brokerage ETF (512000) has seen a net inflow of 1.464 billion yuan over the past three days, reaching a new historical high in total assets of 39.928 billion yuan [3]. - The Shanghai Composite Index has reached a ten-year high, with total trading volume in the A-share market maintaining above 2 trillion yuan, and margin financing balances hitting new highs [5]. - The net profit of 49 brokerage firms included in the CSI All Share Securities Index totaled 182.546 billion yuan for the third quarter, reflecting a year-on-year growth of 61.87%, with 14 firms reporting profit increases exceeding 100% [5]. Group 2: Valuation and Growth - The brokerage sector has underperformed, with the CSI Securities Index rising only 6.05% year-to-date, lagging behind the Shanghai Composite Index and CSI 300 by over 11 percentage points [5]. - The current price-to-book ratio of the sector is 1.54 times, placing it at the 44.51 percentile over the past decade, indicating a mismatch of "high growth, low valuation" [5]. - Analysts suggest that the favorable liquidity environment, ongoing capital market improvements, and restored investor confidence provide a solid foundation for performance and valuation recovery in the brokerage sector [6]. Group 3: Investment Tools - The brokerage ETF (512000) and its linked funds are efficient investment tools that passively track the CSI All Share Securities Index, encompassing 49 listed brokerage stocks [6]. - The ETF has a recent scale exceeding 39.7 billion yuan, with an average daily trading volume of over 1 billion yuan, making it one of the largest and most liquid ETFs in the A-share market [6].