Group 1 - The core viewpoint of the news highlights the active trading and performance of the Securities ETF (159841), which experienced a slight decline of 0.84% with a trading volume exceeding 100 million yuan and a turnover rate of over 1.7% [1][2] - The Securities ETF (159841) has seen a cumulative increase of 8.63% over the past five trading days, making it the top performer among similar ETFs in the Shenzhen market [2] - As of August 18, 2023, the latest scale of the Securities ETF (159841) reached 5.971 billion yuan, positioning it as the largest ETF in the Shenzhen market [2] Group 2 - The Securities ETF (159841) closely tracks the CSI All Share Securities Company Index, which focuses on large-cap securities leaders in the A-share market, including both traditional and fintech leaders [2] - The margin trading balance has surpassed 2.1 trillion yuan as of August 18, 2023, marking a significant milestone as it is the first time in 10 years that the balance has exceeded this level [2] - With the recovery of market risk appetite and increasing trading volume, the average daily trading volume and margin balance in the two markets have both surpassed 2 trillion yuan, indicating a positive outlook for the brokerage industry's performance in the third quarter [2] Group 3 - Huatai Securities expresses optimism regarding the sustained upward trend of equity asset returns, supported by a positive regulatory environment and gradual inflow of resident funds into the market [3] - The brokerage sector is currently viewed as undervalued and underweighted, entering a new phase of performance and valuation recovery in the new market environment [3] - The sector is expected to experience a revaluation trend, driven by the influx of incremental capital allocation [3]

Market Overview - The A-share market continued to rise, with the Shanghai Composite Index reaching a nearly 10-year high and the North Star 50 hitting a historical peak. The Shenzhen Composite Index and the ChiNext Index also surpassed their highs from October 8 of the previous year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.76 trillion yuan, an increase of 519.6 billion yuan from the previous trading day, marking a new high for the year [1] - By the close of trading, the Shanghai Composite Index rose by 0.85%, the Shenzhen Composite Index increased by 1.73%, and the ChiNext Index gained 2.84% [1] Valuation Analysis - According to China International Capital Corporation (CICC), the overall valuation of A-shares is currently in a reasonable range and not overvalued. The dynamic price-to-earnings ratio of the CSI 300 is around 12.2 times, which is approximately at the 69th percentile historically since 2010 [2] - The market capitalization of A-shares has reached around 100 trillion yuan, with the ratio to GDP remaining at a relatively low level compared to major global markets [2] - The total market capitalization to M2 ratio is about 33%, positioned at the 60th percentile historically, indicating a moderate valuation level [2] - The dividend yield of the CSI 300 is 2.69%, which remains attractive compared to the yield of 10-year government bonds [2] Brokerage Sector Insights - Huatai Securities noted that the brokerage sector is currently undervalued and underweighted, with a positive outlook for value re-evaluation in the sector. The equity market has been steadily rising since the beginning of the year, with continuous increases in trading volume, margin financing balances, and the issuance scale of equity products [3] - The performance of brokerages is expected to improve due to the sustained growth of market conditions and the positive regulatory environment supporting capital markets [3] PCB Industry Outlook - Dongwu Securities highlighted that the recent price increases in copper-clad laminates reflect the high demand in the PCB industry, driven by the demand for computing servers. Several copper-clad laminate manufacturers have announced price hikes [4] - The demand for multi-layer boards, HDI, and high-frequency boards is expected to grow significantly, with specific requirements for drilling, exposure, and electroplating processes [4] - Dongwu Securities recommends focusing on the core processes of PCB production, including drilling, exposure, and electroplating [4]

人民财讯8月19日电，华泰证券研报称，年初以来权益市场稳步向上，交易额、两融余额、权益产品发 行规模等持续提升，券商估值修复，但与过去行情有所不同。一方面，市场行情持续性增强，券商业绩 增长更具持续性。另一方面，板块内部修复节奏分化，H股先于A股，且业绩增长稳健的券商表现更 好。当前权益资产收益率稳步向上，居民资金循序渐进入市，华泰证券看好市场上行的持续性。当前板 块低估低配，券商在新市场环境下进入业绩、估值修复新阶段，看好板块价值重估行情。 ...