Western Securities(SZ:002673) Sou Hu Cai Jing·2026-02-10 06:35Group 1 - The core viewpoint of the article highlights the strengthening trend of resident capital entering the market, with significant inflows into the securities sector, as evidenced by a net inflow of over 2 billion yuan into the securities ETF (512880) in the past 10 days [1] - In January 2026, the number of new A-share accounts opened on the Shanghai Stock Exchange reached 4.9158 million, indicating a higher month-on-month growth rate compared to January's average daily trading (ADT) and newly issued equity funds, reflecting an increasing trend of resident capital entering the market [1] - The fundamental outlook suggests that brokerage firms are expected to see substantial profit recovery in 2025, with a strong certainty of continued recovery trends into 2026, driven by potential policy relaxations in derivative products that could provide new momentum for profit recovery [1] Group 2 - The securities ETF (512880) tracks the securities company index (399975), which selects listed companies closely related to the securities market from the Shanghai and Shenzhen markets, covering businesses such as brokerage, underwriting, and proprietary trading, thereby reflecting the overall performance of the securities industry [1] - The index exhibits high industry concentration and cyclical characteristics, indicating that the performance of the securities sector is closely tied to market conditions [1] - There is a notable mismatch between the current profitability and valuation of the brokerage sector, suggesting potential for valuation recovery as high profit growth and policy expectations unfold [1]