“牛市旗手”，大举吸金！

Core Viewpoint - Significant capital inflow into the brokerage sector, with over 2.3 billion yuan on August 18, indicating strong market optimism towards this sector as the A-share market reaches new highs [2][4]. Group 1: Market Performance - As of August 18, the securities company index has surged 22.19% since its low on June 23, reflecting a robust recovery in the market [2][4]. - The total market capitalization of A-shares has surpassed 100 trillion yuan, marking a significant milestone [2]. Group 2: Fund Inflows - On August 18, the securities company index saw a net inflow of 2.316 billion yuan, while the Hong Kong financial index experienced a net inflow of 1.15 billion yuan [6]. - Over the past five days, the non-bank index in the Hong Kong Stock Connect has attracted over 3.4 billion yuan, indicating a strong interest in the sector [6]. Group 3: ETF Activity - The total scale of stock ETFs is approaching 4 trillion yuan, with a net inflow of 2.69 billion yuan on August 18, reflecting a trend of increasing investment in ETFs [8]. - Specific ETFs, such as the Huabao Fund's brokerage ETF and the Guotai Fund's securities ETF, saw net inflows of 1.143 billion yuan and 1.101 billion yuan, respectively [10]. Group 4: Sector Valuation - The current price-to-book (PB) ratio of the CSI All Share Securities Company Index is approximately 1.67, which is 54.6% of its historical level over the past decade, suggesting potential for further growth [4]. Group 5: Outflows and Adjustments - Despite the overall positive sentiment, some sectors like the Sci-Tech 50 index experienced significant outflows, with a net outflow of 1.548 billion yuan on August 18 [14].