补涨行情要来？券商股被吐槽“业绩炸裂，股价躺平”，机构：交投保持热度，行情不会缺席

Core Viewpoint - The brokerage sector has shown strong performance in terms of earnings, but stock prices have not reflected this growth, leading to investor frustration [3][9][12]. Group 1: Market Performance - The A-share market has recently reached new highs, with the ChiNext Index rising over 5% [2]. - Despite a significant increase in the securities industry's net profit growth of 64% in the first half of the year, the sector's stock price has only risen by 7% in the first three quarters, underperforming the CSI 300 Index [3][9]. - On November 13, the securities sector saw a net inflow of 490 million yuan, while there was a net outflow of 5.791 billion yuan over the previous three days [3]. Group 2: Earnings and Valuation - In the first three quarters of 2025, 42 listed brokerages reported a total revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan, representing year-on-year increases of 42.6% and 62.4% respectively [7]. - The brokerage sector's management expense ratio decreased by 7.2 percentage points to 48.6%, indicating a potential turning point in cost management [7]. - The current price-to-book (PB) ratio for the brokerage sector is 1.53, which is at the 41.48 percentile of the past decade [12]. Group 3: Investor Sentiment and Future Outlook - Investors are expressing concerns over the disconnect between strong earnings and stagnant stock prices, with many feeling that the brokerage sector has lost its previous momentum as a market leader [9][10]. - Analysts suggest that the brokerage sector may not see a return to previous highs without significant market changes, and that it is currently more suitable for asset allocation rather than speculative investments [5][10]. - The market's long-term outlook remains positive, with expectations for a more balanced capital structure and increased participation from institutional investors, which could stabilize market fluctuations [12][13].