146亿元资金净流入，券商板块机会如何？丨每日研选

Core Viewpoint - The influx of approximately 14.6 billion yuan into the brokerage sector on January 6 indicates a strong market interest, driven by favorable policy cycles, valuation recovery, and fund reallocation, suggesting potential growth opportunities for brokerages and financial IT sectors in 2026 [1][2] Policy Environment - Key reforms, including the release of regulations on public fund sales fees and commercial real estate REITs, are expected to inject new momentum into the industry, shifting focus from short-term scale to long-term value [2] - The expansion of REITs is anticipated to create incremental opportunities for brokerage investment banking and asset management businesses, with three core favorable logics yet to be fully priced in by the market [2] Market Dynamics - The divergence in performance, where the A-share major indices rose significantly while the brokerage index fell, indicates a disconnection between valuation and profitability, creating a potential for valuation recovery [2] - The brokerage sector is currently underweight in active equity funds, and with regulatory guidance for public funds to optimize assessments, there is a likelihood of increased allocation to brokerages due to their stable growth and significant index weight [2] Investment Logic - The industry is evolving along differentiated paths, with three main investment themes suggested: - Mergers and Acquisitions: Anticipated steady progress in M&A within the brokerage sector, enhancing leverage and capital efficiency, with a focus on companies like CICC, Shougang Securities, and China Galaxy Securities [3] - Comprehensive Leaders: Strong, well-capitalized brokerages with balanced business structures are positioned to capitalize on industry trends, with recommendations for Guotai Junan Securities, GF Securities, and CITIC Securities [3] - Financial Technology: Increased market activity and digital finance trends favor financial IT and internet wealth management platforms, with attention on companies like Tonghuashun, Jiufang Zhitu, and Wealth Trend, as well as internet finance platforms like Dongfang Caifu and Zhinan Zhen [3]