年线失而复得，买点已现？顶流券商ETF（512000）放量溢价，近4日“暴力吸金”8.5亿元，领跑同类！

Core Viewpoint - The brokerage sector is experiencing a downturn, with the brokerage ETF (512000) showing a decline and underperforming compared to major indices, despite some positive fundamentals in the industry [1][5][7]. Group 1: Market Performance - On December 3, major indices collectively fell, with the brokerage sector opening high but closing lower, resulting in most brokerage stocks in the red [1][10]. - The brokerage ETF (512000) closed down 0.89%, with a trading volume of 870 million yuan, indicating increased market activity despite the price drop [1][10]. - Year-to-date, the brokerage sector has underperformed, with the brokerage ETF tracking a cumulative decline of 1.74%, ranking second to last among all Shenwan first-level industries [5][14]. Group 2: Fund Flows and Investor Sentiment - The brokerage ETF (512000) saw a net inflow of 250 million yuan yesterday, with a total of 850 million yuan in net inflows over the past four days, leading among 14 similar ETFs [5][14]. - The current market focus on short-term trading pressures may overlook the significant recovery in various brokerage business areas, including investment banking and asset management [7][15]. Group 3: Industry Fundamentals - The third-quarter report indicates that the 49 listed brokerages in the index achieved revenue of 428.2 billion yuan, a year-on-year increase of 41.62%, and a net profit of 182.5 billion yuan, up 61.6% [7][16]. - The current price-to-book ratio (PB) for the index is 1.45, which is at a low point historically, suggesting potential for valuation recovery [7][16]. - The brokerage industry is undergoing significant supply-side reforms and functional transformations, with a clearer market structure emerging between leading and smaller brokerages [7][16]. Group 4: Future Outlook - Analysts suggest that the brokerage sector's valuation is reasonable but still low, indicating potential for growth in profitability and valuation in the future [7][16]. - Policies aimed at stabilizing growth and the stock market are expected to positively influence the brokerage sector, with an optimistic outlook for fundamental improvements [8][16]. - The brokerage ETF (512000) is highlighted as an efficient investment tool, providing exposure to both leading and smaller brokerages, with its fund size surpassing 40 billion yuan for the first time [8][17].