中航证券指出，在A股市场交投活跃度与两融余额同步上扬的背景下,券商作为资本市场的重要参与者, 正迎来多重业务机遇。两融规模持续高位运行、投资者开户数量稳步提升等积极信号,不仅直接助推经 纪业务与利息收入实现增长,也为券商整体业绩带来显著的弹性支撑。随着市场交投活跃度持续提升,叠 加资本市场改革红利的不断释放,券商业绩有望步入稳步上行通道。对于券商板块而言,本轮行情呈现出 增长持续性增强与修复节奏分化的双重特征。年初以来,权益市场整体呈现稳步向上态势,市场交投活跃 度显著提升,成交额、两融余额以及权益类产品发行规模等多项关键指标持续回暖,共同推动券商板块进 入估值修复通道。与以往相比,当前市场行情展现出更强的持续性和韧性,为券商业绩提供了更为稳定的 增长基础。 证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 数据显示，截至2025年7月31日，国证证券龙头指数(399437)前十大权重股分别为中信证券(600030)、东 方财富(300059)、华泰证券(601688)、招商证券(600999)、广发证券(00 ...

Core Viewpoint - The securities sector is experiencing a significant recovery driven by increased market activity, favorable policies, and strong performance expectations for the upcoming periods [4][6]. Group 1: Market Performance - As of August 25, 2025, the Securities ETF (159841) rose by 0.16%, with a turnover of 5.61% and a transaction volume of 362 million yuan [3]. - The overall A-share market has shown strong performance, with major indices surpassing 3,800 points and daily trading volume reaching 25 trillion yuan, the highest in nearly 10 months [4]. - The margin trading balance has exceeded 2.1 trillion yuan, indicating strong investor participation [4]. Group 2: Sector Growth Opportunities - The securities industry is benefiting from increased trading activity, with significant growth in brokerage, margin trading, investment banking, and proprietary trading businesses [4]. - Research predicts that the net profit attributable to shareholders in the securities industry for the first half of 2025 may increase by 61.23% year-on-year [4]. Group 3: Policy and Market Dynamics - The securities sector is closely linked to capital market trends, with current improvements in global liquidity and heightened market risk appetite contributing to the recovery of the A-share market [4]. - Ongoing capital market reforms, including the deepening of the registration system and expanded openness, are providing new opportunities for innovation and transformation within the securities industry [4]. Group 4: Valuation and Long-term Outlook - The securities sector's valuation has room for recovery, with current levels providing a safety margin [6]. - The sector is expected to benefit from the ongoing market activity and improving performance expectations, leading to a potential valuation recovery [6]. - The long-term growth potential remains strong as the securities industry plays a crucial role in direct financing and the shift of household asset allocation towards equity markets [6].

中资券商相关港股： 中州证券(01375)、国联民生（601456）(01456)、中信建投证券(06066)、中金公司（601995）(03908)、 广发证券（000776）(01776)、东方证券（600958）(03958)、光大证券（601788）(06178)、中信建投 (06066)、申万宏源（000166）(06806)等。 对此，东海证券非银首席分析师陶圣禹在接受记者采访时表示："近期，上市券商中报陆续披露，资本 市场回暖推动业绩大幅增长，预计业务板块均呈现显著的边际改善态势，建议重视披露窗口期带来的配 置机遇。" 华泰证券表示，年初以来市场交易活跃度显著提升，新开户需求旺盛。券商通过降费让利、精细化服 务、多平台营销等加速获客。 权益市场稳步向上，居民资金循序渐进入市，券商在新市场环境下进入业绩、估值修复新阶段。 当前A股券商指数PBLF为1.67x，处于2014年以来的46%分位； H股中资券商指数PBLF为1.00x，处于 2016年以来的76%分位。我们看好板块价值重估行情，个股关注：业绩增长稳健且PBLF仍处于1-1.1x左 右的A、H头部券商；财富管理转型/国际业务领先的公司；估 ...

1.53倍 从估值水平来看，目前券商指数PB为1.53倍，估值水平回升至近十年的中位数附近。 ● 本报记者 林倩 交投活跃的市场给券商各项业务带来发展机遇，开源证券非银金融首席分析师高超表示，个人投资者和 中长期资金持续流入，市场交易活跃度中枢持续抬升，两融规模扩张、权益自营加仓和海外业务的高景 气度，有望给券商业绩带来超预期。 "随着市场风险偏好回升、成交量持续增长，两市的日均成交额和融资余额均突破了两万亿元，这将驱 动券商三季度业绩继续改善。"湘财证券金融行业分析师张智珑认为，从资金面看，主动权益基金的券 商持仓相较业绩基准仍处于低配，券商板块有望迎来增量资金配置。 市场活跃度提升也直接增厚了券商业绩。此前多家上市券商中报业绩报喜，西南证券于8月14日发布 2025年半年报，成为A股首家披露半年报的上市券商，其上半年实现营收15.04亿元，同比增长 26.23%；实现归属于母公司股东的净利润4.23亿元，同比增长24.36%。 "券茅"东方财富也在8月15日发布2025年半年度报告，报告期内，公司实现营业总收入68.56亿元，同比 增长38.65%；实现归属于上市公司股东净利润55.67亿元，同比增长37 ...

智通财经8月17日讯（记者 王晨）每到A股大涨，券商股率先启动都被视为牛市启动的风向标。也就在8月15日，万得券商指数当日以4.41%的显著涨幅强势 收涨，成交额高达1509.90亿元，成交量突破112.58亿股，换手率达4.22%，市场资金对券商板块强烈关注，50只上市券商股实现全线飘红，掀起一波上涨热 潮。 "强call券商"成为券商非银团队点评市场的高频词，券商板块相关研报也在朋友圈刷屏，基金公司亦连日发文解读券商ETF的投资机会，多方力量共同助推 板块热度。 券商板块的集体爆发，是昙花一现还是新一轮行情启动的信号？是投资者最关心的话题。 个股来看，长城证券、天风证券强势封死涨停板，长城证券更是凭借此轮上涨收获三连板，成为板块内的领涨龙头。指南针20cm涨停，收盘创下新高，大 智慧也涨停。此外，中银证券涨超8%，湘财股份涨6.70%。东方财富上涨9.85%，成交额达442.12亿元，登顶A股首位。中信证券涨4.89%。 从多家券商非银研究来看，在业绩高增、估值偏低、政策支持、市场活跃等多重因素的共同作用下，券商板块的投资价值日益凸显，后市有望延续良好表 现，成为A股市场的重要推动力。投资者可重点关注业绩 ...

Group 1 - The CSI All Share Securities Company Index decreased by 0.35% as of August 8, 2025, with mixed performance among constituent stocks [1] - Huaxin Co. led the gains with an increase of 2.12%, while Western Securities experienced the largest decline [1] - The Securities ETF managed by Harvest has seen a turnover of 1.16% during the trading session, with a total transaction value of 4.1 million yuan [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the index, including Dongfang Wealth and CITIC Securities [2] - The current PB valuation of the securities sector is 1.55x, indicating a historical low level compared to the past five and ten years [2] - Investors without stock accounts can access opportunities in the brokerage sector through the Securities ETF Harvest linked fund [3]

Core Viewpoint - The article discusses the significant increase in holdings of H-shares by E Fund Management in various Chinese brokerage firms, driven by a surge in the scale of their Hong Kong Securities ETF, which led to passive buying rather than active accumulation [1][8][9]. Group 1: E Fund's H-share Purchases - E Fund Management bought H-shares of 11 Chinese brokerages, increasing their holdings to over 5% for several firms during the period from July 22 to July 28 [2][4]. - Specific purchases included 5.13% of Shenwan Hongyuan H-shares, 5.14% of China Merchants Securities H-shares, and 6.17% of China Galaxy H-shares [5][7]. - The total scale of E Fund's Hong Kong Securities ETF reached approximately 22.876 billion yuan, a 135% increase from the end of June [9]. Group 2: Market Trends and Fund Allocation - Public funds have shown a growing interest in the A-share brokerage sector, with market value proportions increasing to 0.39% for active funds and 8.21% for passive funds by the end of Q2 [11]. - The performance of H-shares has outpaced A-shares, with the Hong Kong Securities Index rising by 49.92% year-to-date compared to a mere 4.63% for A-shares [12]. - Analysts suggest that the brokerage sector is currently in a phase of "valuation repair, profit realization, and strategic transformation," indicating potential for future growth [13]. Group 3: Investment Opportunities - The brokerage sector is expected to attract more funds due to its low valuation, with a focus on firms with strong retail advantages and diversified business models [12][13]. - The anticipated shift of institutional investors back to A-shares could lead to a "catch-up" effect for A-share brokerages in the latter half of the year [12]. - The overall price-to-book ratio for the brokerage sector stands at 1.57, indicating a strong safety margin for investors [13].

Core Viewpoint - The Shanghai Composite Index has surged past the 3600-point mark for the first time since October 8, 2024, indicating a strong market rally led by brokerage firms [1]. Group 1: Market Performance - Major brokerage stocks have seen significant gains, with Guosheng Financial hitting the daily limit, Guoxin Securities rising over 6%, and other firms like Harbin Investment and GF Securities also showing strong performance [1]. - The A-share leading brokerage ETF (512000) experienced a near 3% increase, currently up 2.02%, with a trading volume of 1.38 billion yuan, surpassing the previous day's total [2]. Group 2: Industry Outlook - According to招商证券, the brokerage sector is expected to lead the market rally as equity prices break upward, supported by favorable policies and low historical valuations, indicating potential for significant upward movement [3]. - 信达证券 suggests that the rising trend in bank stocks may extend to brokerages and insurance sectors, with non-bank financials currently undervalued, presenting a potential recovery window in Q4 [4]. - The brokerage ETF (512000) tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with a focus on top firms while also including smaller brokerages for high growth potential [4].

Core Viewpoint - In the first half of the year, seven brokerage firms implemented share buybacks totaling 191 million shares and an aggregate amount of 2.031 billion yuan, indicating a positive trend in the brokerage sector's valuation recovery due to various supportive measures and an improving market environment [1][2]. Group 1: Share Buyback Details - Seven brokerages have disclosed their share buyback progress, with notable examples including Dongfang Securities, Guotai Junan, and Zhongtai Securities, which collectively repurchased millions of shares and spent significant amounts [2]. - Dongfang Securities repurchased 26.70 million shares for 250 million yuan, Guotai Junan repurchased 59.22 million shares for 1.051 billion yuan, and Zhongtai Securities repurchased 33.50 million shares for 213 million yuan [2]. Group 2: Future Buyback Plans - Some brokerages have announced future buyback plans, such as Hongta Securities, which plans to repurchase between 100 million and 200 million yuan worth of shares to support its ongoing development [3]. Group 3: Purpose of Share Buybacks - The primary objectives of the share buybacks include maintaining company value and shareholder rights, optimizing capital structure, and enhancing shareholder returns [4]. - Brokerages like Zhongtai Securities and Hongta Securities explicitly stated that their repurchased shares would be canceled to reduce registered capital and improve shareholder returns [4]. Group 4: Broader Market Management Strategies - In addition to share buybacks, several major shareholders of brokerages have announced plans to increase their holdings, reflecting a growing awareness of enhancing investor returns [5]. - For instance, Tianfeng Securities' major shareholder increased its stake by 1.79 million shares for 502 million yuan, while Changcheng Securities' major shareholder plans to invest between 50 million and 100 million yuan [5]. Group 5: Market Outlook - Analysts predict that with the influx of long-term capital and increased market stability, the risk appetite in the market is likely to improve, which may lead to a recovery in brokerage valuations [6].

Group 1 - The brokerage sector showed active performance on June 16, with the CSI All Share Securities Company Index rising by 0.38%, and notable gains from Dongwu Securities (over 2%), Huaxin Securities, Guosen Securities, Dongfang Caifu, and Jinlong Shares [1] - The Securities ETF (159841) increased by 0.51%, with a trading volume exceeding 55 million yuan, and its latest liquidity scale reached 5.917 billion yuan, making it the largest in its category in the Shenzhen market [2] - The Securities ETF closely tracks the CSI All Share Securities Company Index, which includes both traditional securities leaders and financial technology leaders, and has seen significant trading activity with over 970 million yuan in transactions last week [2] Group 2 - According to Zhonghang Securities, the brokerage business is expected to benefit from favorable policies, with current valuations still at historical lows, indicating potential for further valuation recovery in the brokerage sector [2] - Guojin Securities noted a clear trend of year-on-year improvement in the brokerage sector's performance in the first half of the year, highlighting a significant mismatch between high profitability and low valuations, suggesting a favorable investment opportunity [2] - There is an increasing expectation for mergers and acquisitions within the brokerage sector, with recommendations to focus on potential acquisition targets [2]