近5日“吸金”累计超1亿元，券商ETF（159842）盘中溢价，摩根大通上调中国股票至“超配”

Group 1 - The A-share market opened lower on November 28, with the securities sector showing weakness at the start [1] - The broker ETF (159842) fell by 0.36% as of the report, with notable trading activity showing premium transactions [1] - In the past five trading days, the broker ETF has seen net inflows for four days, accumulating over 100 million yuan [1] Group 2 - Morgan Stanley's team upgraded the rating of Chinese stocks to "overweight," citing recent adjustments in Chinese assets as an attractive entry point [1] - Dongfang Caifu Securities believes that with the easing of China-US relations and strengthened policy expectations, investor confidence is likely to improve, providing upward potential for the A-share market [1] - The securities sector is expected to enter a favorable economic cycle, supported by significant recovery in brokerage performance in the first three quarters [1] Group 3 - Zhongyuan Securities noted that the current adjustment of the broker index is influenced by both industry fundamentals and market factors [2] - Looking ahead to 2026, the securities industry is expected to maintain a high level of operational prosperity, with limited room for further decline in average valuations [2] - If the broker sector's valuation drops to above 1.30 times, it presents a good opportunity for re-entry into the sector, emphasizing the need for ongoing attention to policy and market conditions [2]