券商继续磨底，顶流券商ETF（512000）低调三连阳，单周再度吸金近5亿元，居同类首位！

Core Viewpoint - The brokerage sector is experiencing a divergence between performance and valuation, with high profitability amid market activity, yet stock prices and valuations remain under pressure [2][5]. Group 1: Market Performance - On the first trading day of December, the brokerage sector showed positive fluctuations, with the top-tier brokerage ETF (512000) opening lower but turning positive, gaining 0.35% and achieving a trading volume exceeding 4 billion yuan within half a day [1]. - Individual stocks within the sector mostly rose, with Guolian Minsheng increasing over 3%, and other major brokerages like Huatai Securities, Guotai Junan, and CITIC Securities rising more than 1% [1]. Group 2: ETF and Fund Flows - The brokerage ETF (512000) has seen significant inflows, with a net inflow of 497 million yuan over the week of November 24-28, leading among 14 similar ETFs, and over 2.1 billion yuan in the past 20 days [3]. - The ETF, which tracks the CSI All Share Securities Companies Index, has a historical fund size exceeding 40 billion yuan as of November 6, with an average daily trading volume of over 1 billion yuan [5]. Group 3: Valuation Metrics - As of the end of November, the brokerage ETF (512000) tracked index has a year-to-date change of -0.09%, significantly lagging behind the broader market indices [2]. - The price-to-book (PB) ratio for the brokerage sector has decreased to 1.45 times, placing it at the 35th percentile over the past decade, indicating an increasing value proposition for investors [2].