本报记者 于宏 作为"牛市旗手"，券商板块的估值一直是投资者关注的焦点。今年以来，A股市场整体呈现稳步向上态 势，市场交投活跃度显著提升。业内分析师普遍认为，在市场基本面向好、流动性充裕的背景下，券商 业绩有望持续向好，板块将进入估值修复新阶段，看好板块价值重估行情。 行业景气度提升 从市场基本面来看，今年以来，A股市场走势向好。Wind资讯数据显示，截至9月14日，年内上证指数 累计上涨15.48%，深证成指累计上涨24.1%，创业板指累计上涨41.04%；年内A股市场日均股票成交额 达1.6万亿元，同比增长超一倍。 作为市场中重要的金融服务机构，券商的经营情况、业绩表现与市场走势紧密相关。在市场交投活跃的 带动下，券商上半年交出了一份亮眼的成绩单。数据显示，上半年，42家A股上市券商合计实现营业收 入2518.66亿元，同比增长11.37%；合计实现归母净利润1040.17亿元，同比增长65.08%。 "证券行业上半年收入与利润实现高增，行业景气度向上，修复动能充足。"中信建投非银及金融科技首 席分析师赵然表示，预计随着券商第三季度业绩的持续向好，板块上行空间有望进一步打开。 业绩的显著增长为券商板块的行 ...

Group 1 - Major technology stocks have boosted market sentiment, leading to significant gains in the brokerage sector, with Guohai Securities rising over 9% and Pacific Securities up over 6% [1] - The A-share top brokerage ETF (512000) saw a price increase of over 3%, with real-time trading volume exceeding 15 billion yuan, significantly surpassing the previous day's total trading volume [2] - The current financing balance of A-shares is significantly lower than the peak of 4.7% in April 2015, indicating manageable leverage risk [4] Group 2 - The brokerage sector is expected to benefit from a market upcycle, supported by government policies aimed at stabilizing growth and boosting the capital market [4] - The brokerage ETF (512000) has recently attracted substantial capital, with a net inflow of over 6.3 billion yuan in the past 20 days [6] - The brokerage ETF (512000) has reached a new high in scale, exceeding 32.4 billion yuan, with an average daily trading volume of 9.57 billion yuan this year [8] Group 3 - The brokerage sector is experiencing a favorable operating environment due to the upward trend in the index, with expectations for the brokerage index to gradually approach the near-decade valuation ceiling of two times P/B [6] - The current price-to-book ratio (P/B) of the brokerage index is 1.55, placing it in the lower range of the past decade [4] - The ETF includes 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while also accommodating smaller brokerages with high growth potential [9]

Group 1 - The overall performance of listed securities firms in the first half of the year exceeded expectations, with both revenue and net profit attributable to shareholders showing significant growth, boosting market confidence [1] - Leading securities firms demonstrated stable performance, with some achieving leapfrog growth through mergers and acquisitions, while a number of smaller firms showed strong earnings elasticity [1] - Since the beginning of the year, the equity market has shown a steady upward trend, with significant increases in trading activity, including transaction volume, margin financing balance, and the issuance scale of equity products, collectively driving the securities sector into a valuation recovery phase [1] Group 2 - The securities sector exhibits strong beta characteristics, with the performance of core businesses closely linked to capital market performance; as global liquidity narratives resonate, capital market transactions are booming, and market risk appetite is increasing, leading to a recovery in the securities industry's prosperity [1] - It is recommended to continue monitoring the securities ETF (512880) that has surpassed a scale of 460 billion and maintains leading liquidity among peers to seize investment opportunities [1]

Group 1 - The securities sector has been experiencing a continuous pullback, with the securities ETF (512880) showing five consecutive days of decline, while funds have been buying on dips, resulting in a net inflow of over 7.7 billion yuan in 10 days and nearly 10 billion yuan in the last 20 trading days [1] - Huatai Securities indicates that the current valuation of major brokerages remains at historically low levels, with the current PBLF average at 1.61x, which is at the 44th percentile since 2014 [1] - Looking ahead, the capital market is expected to enter a new upward cycle, with a different operating environment and market capacity for brokerages, leading to enhanced sustainability in performance and an optimistic outlook for valuation recovery in the brokerage sector [1] Group 2 - Investors interested in this sector can consider related investment opportunities, including the securities ETF's connecting fund (012363) for those without stock accounts [1]

Core Viewpoint - The overall performance of listed securities firms in the first half of the year exceeded expectations, with significant growth in both revenue and net profit attributable to shareholders, boosting market confidence [1]. Group 1: Performance Highlights - Major securities firms showed stable performance, with some achieving leapfrog growth through mergers and acquisitions, while a number of smaller firms demonstrated strong earnings elasticity [1]. - Since the beginning of the year, the equity market has shown a steady upward trend, with significant increases in trading activity, including transaction volume, margin financing balance, and the issuance scale of equity products [1]. Group 2: Market Dynamics - Key indicators have continued to recover, collectively driving the securities sector into a valuation repair phase, which has contributed to the growth of securities firms' performance [1]. - The securities sector exhibits strong beta characteristics, with the performance of core businesses closely linked to capital market performance. As global liquidity narratives resonate, trading activity in capital markets has surged, enhancing market risk appetite and improving the overall prosperity of the securities industry [1]. Group 3: Investment Opportunities - It is recommended to continue monitoring the securities ETF (512880) that has surpassed a scale of 46 billion, as it leads in liquidity among peers, presenting investment opportunities [1].

Group 1 - The core viewpoint of the article highlights the positive movement in brokerage stocks, with the securities ETF (512880) showing resilience and a trading volume exceeding 2.6 billion yuan [1] - There has been a continuous net inflow of over 4 billion yuan for five consecutive days, and nearly 10 billion yuan in the last 20 trading days, indicating strong investor interest [1] - Huatai Securities notes that the current valuation of major brokerages remains at a historical low, with a PBLF average of 1.61x, which is at the 44th percentile since 2014, suggesting potential for valuation recovery [1] Group 2 - Dongwu Securities states that the current valuation of brokerage stocks is reasonable, and with positive industry development policies, brokerages have significant advantages [1] - Investors interested in the sector are encouraged to explore related investment opportunities, including the securities ETF connection fund (012363) for those without stock accounts [1]

流动性方面，券商ETF盘中换手3.78%，成交11.64亿元。拉长时间看，截至9月3日，券商ETF近1周日均 成交18.67亿元，居可比基金前2。 规模方面，券商ETF近2周规模增长22.88亿元，实现显著增长，新增规模位居可比基金第二。份额方 面，券商ETF最新份额达516.15亿份，创近1年新高，位居可比基金第一。从资金净流入方面来看，券 商ETF近5天获得连续资金净流入，最高单日获得7.68亿元净流入，合计"吸金"18.52亿元，日均净流入 达3.70亿元。 截至9月3日，券商ETF近6月净值上涨13.36%，居可比基金前2。从收益能力看，截至2025年9月3日，券 商ETF自成立以来，最高单月回报为38.02%，最长连涨月数为4个月，最长连涨涨幅为28.47%，上涨月 份平均收益率为6.98%。截至2025年9月3日，券商ETF近3个月超越基准年化收益为5.94%。 消息面上，在上半年市场环境调整的背景下，行业整体呈现出增长态势。Wind数据显示，今年上半年 有10家头部券商营收规模超百亿元，中信证券以330.39亿元营收稳居行业首位，国泰海通则凭借合并后 的业绩跨越，以238.72亿元营收位居第二， ...

Group 1 - The A-share market showed mixed performance on September 4, with the brokerage sector being active, particularly the brokerage ETF (159842), which rose by 0.25% and had a trading volume exceeding 27 million yuan, indicating active trading with a premium rate of 0.02% [1] - The brokerage ETF (159842) has seen a net inflow of 99.88 million yuan yesterday and has recorded net inflows for six consecutive trading days, accumulating over 1 billion yuan [1] - The securities brokerage business revenue for 42 listed brokerages reached 74.563 billion yuan in the first half of 2025, marking a year-on-year increase of approximately 50%, with the top ten brokerages accounting for over 60% of the total revenue [1] Group 2 - Huatai Securities noted that while the equity market has been rising since the beginning of the year, the brokerage index has not recovered as much as the broader market, with large brokerages' valuations remaining at historically low levels [2] - The average PBLF (Price to Book Value) ratio is currently at 1.61x, which is at the 44th percentile since 2014, indicating potential for valuation recovery in the brokerage sector [2] - The brokerage sector is expected to experience a new upward cycle in the capital market, with enhanced sustainability in performance due to a different operating environment and market capacity compared to the past [2]

Group 1: Gold Market Outlook - CITIC Securities predicts that gold prices may exceed $3730 per ounce by the end of the year, driven by factors such as tariff impacts, U.S. fiscal policies, geopolitical tensions, and central bank gold purchases [1] Group 2: A-Share Market Trends - Galaxy Securities anticipates that the A-share market will continue its structural trend in September, supported by liquidity and policy expectations, with a focus on sectors showing high profitability or positive trends [2] - The current liquidity environment is relatively abundant, and expectations for a potential interest rate cut by the Federal Reserve in September could further enhance global liquidity, benefiting the A-share market, particularly large-cap growth stocks [2] Group 3: Brokerage Sector Analysis - Huatai Securities highlights a significant year-on-year increase in net profit for listed brokerages, with a projected growth of 65% for the first half of 2025 [3] - The brokerage sector is experiencing asset expansion driven by client funds, a strong recovery in investment and brokerage services, and accelerated international expansion, leading to improved profitability for subsidiaries [3] - Despite a rising equity market, brokerage indices have not fully recovered, with current valuations remaining at historical lows, indicating potential for valuation recovery in the sector [3]

Group 1 - CITIC Securities predicts that gold prices may exceed $3,730 per ounce by the end of the year, driven by factors such as tariff impacts, U.S. fiscal policies, geopolitical risks, and central bank gold purchases [1] - The report indicates that since late April, gold has been in a volatile market, with a complex balance of bullish and bearish factors [1] - The expectation of improved tariffs may be temporarily paused, while the effects of stagflation are just beginning to manifest [1] Group 2 - Galaxy Securities anticipates that the A-share market will continue its structural trend in September, driven by liquidity and policy expectations [2] - The report highlights that with the completion of the 2025 mid-year reports, there are structural allocation opportunities in sectors showing high prosperity or positive trends [2] - Current market liquidity is relatively abundant, and expectations of a Fed rate cut in September could enhance the global liquidity environment, benefiting the A-share market, especially large-cap growth stocks [2] Group 3 - Huatai Securities expresses optimism about the valuation recovery opportunities in the brokerage sector, with listed brokerages expected to see a year-on-year net profit increase of 65% in the first half of 2025 [3] - The report identifies three main lines of focus for large brokerages: asset expansion driven by client funds, strong recovery in investment and brokerage businesses, and accelerated international expansion [3] - Despite the upward trend in the equity market, brokerage indices have not recovered as much as the broader market, with current valuations at historical lows, suggesting potential for valuation recovery [3]