沪指15连阳，两融余额首破2.6万亿元，再创新高！巨资涌入滞涨券商，顶流券商ETF（512000）单日狂揽9.4亿元

Core Viewpoint - The Chinese stock market is experiencing a strong upward trend, with the Shanghai Composite Index achieving a "15 consecutive days of gains" and reaching a new high of 4093.87 points during this bull market [1][8]. Group 1: Market Performance - The margin trading balance has accelerated, increasing by over 100 billion yuan in just 11 trading days since December 22, 2025 [1][8]. - Margin trading activity has also increased, with trading volumes exceeding 300 billion yuan for two consecutive days [1][8]. - The brokerage sector is expected to benefit from high trading activity and supportive policies aimed at stabilizing growth and boosting the capital market [1][8]. Group 2: Institutional Outlook - Multiple foreign institutions express strong confidence in the potential of the Chinese market for 2026, with Goldman Sachs predicting a 20% increase in the MSCI China Index and a 12% increase in the CSI 300 Index [1][8]. - UBS forecasts a 14% growth in earnings for the MSCI China Index in 2026 [1][8]. Group 3: Brokerage Sector Valuation - The current valuation of the brokerage sector remains at historical lows, with the price-to-book ratio (PB) of the CSI All Share Securities Companies Index at 1.52, which is at the 42.86 percentile of the past decade [3][10]. - This low valuation contrasts sharply with the high growth and performance expectations, highlighting a significant disconnect [3][10]. Group 4: Investment Tools - The brokerage ETF (512000) tracks the CSI All Share Securities Companies Index and includes 49 listed brokerage stocks, making it an efficient investment tool for both large and small brokerages [5][12]. - The brokerage ETF has an average daily trading volume exceeding 1 billion yuan this year, positioning it as a leading liquidity provider in the A-share market [5][12].