国金证券表示，券商板块上半年业绩同比显著改善，高盈利与低估值的显著错配凸显配置性价比，建议 关注估值显著低于平均水平的头部优质券商；建议关注券商并购潜在标的机会。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 9月15日，A股三大指数集体高开，中证全指证券公司指数截至发稿涨0.44%，成分股中，国盛金控涨超 3%，国海证券、华鑫股份、东方财富、中原证券、华林证券等跟涨。 相关ETF中，券商ETF（159842）截至发稿涨0.42%，成交额超2100万元，溢折率0.02%，盘初频现溢 价交易。 资金流向上，Wind金融终端数据显示，券商ETF（159842）上两周10个交易日获资金持续净流入，累 计"吸金"超10亿元。 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 消息面上，据证券日报，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 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 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%。 对于券商板块行情，华泰证券金融研究组联席负责人沈娟表示："本轮券商板块行情在持续性和板块内 部修复节奏等方面与过去不同。当前，市场 ...

Core Viewpoint - The brokerage sector is experiencing a valuation recovery phase, supported by strong performance and favorable market conditions, leading to optimistic expectations for continued growth in the sector [1][2][3]. Industry Performance - The A-share market has shown a positive trend this year, with the Shanghai Composite Index up 15.48%, the Shenzhen Component Index up 24.1%, and the ChiNext Index up 41.04% as of September 14 [2]. - The average daily trading volume in the A-share market reached 1.6 trillion yuan, more than doubling year-on-year [2]. - In the first half of the year, 42 listed brokerages achieved a total operating income of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit attributable to shareholders of 104.02 billion yuan, up 65.08% year-on-year [2]. Stock Performance - The brokerage sector (Shenwan Secondary) has risen 11.58% year-to-date, with 43 out of 50 stocks in the sector showing gains, and 17 stocks increasing by over 10% [3]. - Notable performers include Xiangcai Securities with a 58.89% increase, Guosheng Financial Holdings at 47.98%, and others like Changcheng Securities and Bank of China Securities with increases of 42.53% and 39.41%, respectively [3]. Valuation Recovery Opportunities - Brokerages are actively engaging in share buybacks and dividend distributions, signaling positive market sentiment and enhancing investment value [3][4]. - As of September 14, 10 brokerage firms have repurchased a total of 221 million shares for 2.34 billion yuan, a 158.34% increase from the previous year [4]. - A total of 28 listed brokerages have announced semi-annual dividend plans amounting to 18.80 billion yuan, significantly exceeding last year's total of 13.84 billion yuan [4]. Future Outlook - Analysts expect the brokerage sector to continue its upward trajectory, with improved operating environments and sustainable performance enhancing growth prospects [4]. - The sentiment in the brokerage sector is seen as a reflection of capital inflow, with expectations for continued market activity and performance improvements in brokerage services [4].

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]