非银行金融 行业周报（20251110-20251114） 领先大市-A(维持)) 提升资本市场内在稳定性，券商基本面持续向好 2025 年 11 月 18 日 行业研究/行业周报 | 彭皓辰 | | --- | | 执业登记编码：S0760525060001 | | 邮箱：penghaochen@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | 资料来源：最闻 提升资本市场内在稳定性。上海证券交易所国际投资者大会 11 月 12 日正式启幕，开幕式上证监会副主席表示，资本市场平稳健 康运行，具备良好的基础条件，证监会将深化投融资综合改革，着 力提升资本市场制度的包容性、适应性。融资端，纵深推进两创板 改革，加快落实科创板"1+6"政策举措，推动科创成长层平稳运 行。抓紧启动实施深化创业板改革，积极发展多元股权融资。投资 端 ...

Group 1 - The securities sector is experiencing a narrow fluctuation with the Securities ETF (159841) rising by 0.16% as of the report, with a trading volume exceeding 650 million yuan and a turnover rate over 10% [1] - Over the past 60 trading days, the Securities ETF has accumulated a gain of 27.55% [1] - As of August 22, the latest scale of the Securities ETF is 6.365 billion yuan, making it the largest ETF in the same category in the Shenzhen and Shanghai markets [1] Group 2 - The A-share market has seen a significant increase in trading enthusiasm since August, with transaction amounts maintaining above 2 trillion yuan for several consecutive trading days, leading to a monthly increase of over 8% in the brokerage sector [2] - The mid-term performance of brokerages is showing significant growth, with companies like Southwest Securities and Guosheng Jin控 reporting revenue and net profit increases exceeding 24% year-on-year in their 2025 semi-annual reports [2] - The current PB valuation of the securities sector is at a near 10-year low, contrasting with the improving profitability trend, indicating potential for a complete cycle from performance-driven to valuation reconstruction [2]