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Core Viewpoint - The financial sector is experiencing significant movements, with securities and brokerage stocks collectively rising, indicating a potential upward trend in the brokerage sector's performance amid ongoing market volatility and increased international business expansion by Chinese brokerages [1][3]. Market Performance - The CSI All Share Securities Index increased by 1.2% this week, while the CSI Bank Index decreased by 1.1%. The CSI 300 Non-Bank Financial Index rose by 2.7%, and the Hong Kong Securities Investment Theme Index saw a 0.9% increase [3]. - Year-to-date performance shows the CSI All Share Securities Index up by 1.1%, the CSI Bank Index up by 7.6%, and the CSI 300 Non-Bank Financial Index up by 6.1% [6]. Industry Trends - Chinese brokerages have been increasing capital for overseas subsidiaries, reflecting a strategic shift towards international business to enhance competitiveness in a globalized market [1]. - The brokerage sector is transitioning from simple channel services to comprehensive financial services, which is expected to improve the overall industry outlook [1]. Valuation Metrics - The price-to-book (PB) ratio for the CSI All Share Securities Index is 1.4x, while the CSI Bank Index stands at 0.7x. The market valuation indicates that the securities sector is relatively more expensive compared to the banking sector [3][4]. - The CSI All Share Securities Index's PB ratio is in the 27.5th percentile, suggesting it is relatively cheap compared to historical levels [3]. Historical Performance - Over the past three years, the CSI All Share Securities Index has seen a cumulative increase of 24.7%, while the CSI Bank Index has increased by 33.8% [6]. - The long-term performance since inception shows the CSI All Share Securities Index down by 16.0%, while the CSI Bank Index has increased by 665.7% [6].