A股年成交额新高，券商业绩强支撑！顶流券商ETF（512000）震荡蓄力，机构：板块防御反弹攻守兼备

Core Viewpoint - The brokerage sector is experiencing a positive trend with most stocks rising, supported by high trading volumes and favorable market conditions, indicating potential investment opportunities in the sector [1][5]. Group 1: Market Performance - As of December 22, 2025, the total trading volume of A-shares has exceeded 405 trillion yuan, marking the first time in history that annual trading volume surpasses 400 trillion yuan [1][5]. - The average turnover rate for A-shares is approaching 1.74% this year, which is expected to reach a new high since 2016 [1][5]. - The leading brokerage ETF (512000) has seen a price increase of 0.35%, indicating strong market interest [1][5]. Group 2: Future Outlook - Citic Securities suggests focusing on non-bank investment opportunities as policy support is expected to drive continuous growth in earnings by 2026 [1][5]. - The brokerage sector is anticipated to benefit from three core favorable factors: service for new productive forces, long-term capital inflow, and internationalization opportunities, which have not yet been fully priced in by the market [1][5]. - Galaxy Securities emphasizes that government policies aimed at stabilizing growth and boosting the capital market will continue to shape the sector's future, with a favorable liquidity environment and improved investor confidence [1][5]. Group 3: Valuation and Investment Strategy - Xiangcai Securities notes that the brokerage industry's performance is recovering, supported by long-term capital inflows and international business opportunities, providing a solid foundation for future earnings [2][6]. - The price-to-book (PB) ratio has fallen to a low range not seen in nearly a decade, indicating a high safety margin for the brokerage sector [2][6]. - The brokerage ETF (512000) has a fund size exceeding 40 billion yuan and an average daily trading volume of over 1 billion yuan, making it a highly efficient investment tool for both large and small brokerage stocks [2][6].