Founder Securities(SH:601901) Zhi Tong Cai Jing·2025-11-27 03:21Core Viewpoint - The capital market continues to show high prosperity, and the supply-side reform in the industry is accelerating. The current improvement trend in the brokerage sector's fundamentals is diverging from valuation performance, indicating potential opportunities for valuation recovery under event-driven catalysts [1]. Group 1: Brokerage Sector Outlook - The brokerage sector is expected to maintain a high-speed year-on-year profit growth in 2025, with a projected net profit increase of 51% [1]. - The dynamic price-to-book (PB) ratio for the brokerage sector in 2025 is estimated to be 1.30 times, which is at the 33rd percentile of the past 10 years and has not yet reached historical highs, suggesting ample room for valuation adjustment [1]. - Recent catalysts, such as the completion of the China International Capital Corporation (CICC) merger case and the expansion of the comprehensive account pilot program, are expected to drive valuation recovery in the brokerage sector [1]. Group 2: Comprehensive Account Pilot Program - The third batch of the comprehensive account pilot program for brokerages has been expanded, marking a move towards the regularization of brokerage account services [2]. - The pilot program aims to optimize the efficiency of client fund turnover and enhance user experience by allowing inter-account transfers and breaking the closed management of different accounts [2]. - The comprehensive account pilot has opened up opportunities for wealth management business expansion for brokerages, facilitating a shift towards a client-centered service model and improving the ability to provide diversified wealth management services [2].