券商下探本轮调整新低，顶流券商ETF（512000）连续4日狂揽8.5亿元领跑，低估低配彰显性价比

Core Viewpoint - The brokerage sector is experiencing fluctuations, with the top brokerage ETF (512000) recently hitting a new low since August 26, down 0.18% [1][8]. Group 1: Market Performance - The brokerage ETF (512000) has shown signs of high-frequency premium, indicating active buying interest, with a net inflow of 250 million yuan yesterday and a total of 850 million yuan over the past four days, leading among 14 similar ETFs [3][10]. - As of the end of November, the price-to-book ratio (PB) of the index tracked by the brokerage ETF (512000) is 1.45, placing it at the 35th percentile over the past ten years, suggesting potential for valuation recovery amid continuous growth in brokerage performance [5][12]. Group 2: Fund Allocation and Strategy - The non-bank financial sector is currently underweight, which may increase the likelihood of public funds reallocating towards this sector following the release of the draft guidelines for performance comparison benchmarks for publicly offered securities investment funds [5][12]. - The brokerage ETF (512000) and its linked funds (Class A 006098; Class C 007531) passively track the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, providing an efficient investment tool that balances exposure to both leading and smaller brokerages [12][13]. Group 3: Fund Size and Liquidity - On November 6, the brokerage ETF (512000) reached a historical milestone, with its fund size surpassing 40 billion yuan for the first time, and it has maintained an average daily trading volume exceeding 1 billion yuan throughout the year, positioning it as a leading ETF in terms of scale and liquidity in the A-share market [13].