CLS(SZ:002945) Sou Hu Cai Jing·2026-01-14 07:00Core Viewpoint - The trading volume in the Shanghai and Shenzhen markets has exceeded 3 trillion CNY for the fourth consecutive trading day, indicating a significant increase in market activity and investor sentiment towards the brokerage sector [1]. Group 1: Market Activity - The brokerage sector showed strong performance in the morning session, with Huayin Securities reaching its daily limit, and the leading brokerage ETF (512000) initially rising over 2% before retreating to a decrease of 0.34% in the afternoon [1]. - The trading volume for the brokerage ETF (512000) has seen a substantial increase, with a recent daily trading volume exceeding 31 billion CNY, reflecting heightened trading enthusiasm in the sector [1]. Group 2: Fund Performance - The brokerage ETF (512000) has attracted significant capital, accumulating 504 million CNY over the past five days, with its latest fund size surpassing 39.7 billion CNY [2]. - The average daily trading volume for the brokerage ETF is projected to exceed 1.1 billion CNY in 2025, positioning it as one of the leading ETFs in terms of scale and liquidity in the A-share market [2]. Group 3: Industry Outlook - The market's trading enthusiasm is on the rise, with the average daily A-share trading volume in January reaching 2.85 trillion CNY, a 137% increase compared to January of the previous year [3]. - The brokerage sector is expected to benefit from a favorable market environment, enhancing the performance elasticity of brokerage firms and reviving investment banking and asset management businesses [3]. - The valuation of the non-bank financial sector is currently low, with the brokerage sector's price-to-book (PB) ratio at 1.41, indicating a favorable risk-return profile [3].