Core Insights - The A-share market experienced a collective pullback on October 30, with the Shanghai Composite Index falling below the 4000-point mark, and the leading brokerage ETF (512000) declining by 1.78% with a total trading volume of 1.908 billion yuan [1] Company Performance - Huaxi Securities reported a strong Q3 performance with operating revenue of 3.493 billion yuan, a year-on-year increase of 56.52%, and a net profit attributable to shareholders of 1.059 billion yuan, up 316.89% [2][3] - Among the 18 brokerage firms that disclosed their Q3 results, all reported double-digit growth in net profit, with five firms, including Huaxi Securities and Zhongjin Company, achieving triple-digit growth [3] Industry Trends - The brokerage sector has underperformed this year, with the securities company index rising only 7.21%, lagging behind the Shanghai Composite Index and CSI 300 by over 10 percentage points [4] - The sector is characterized by a "high growth, low valuation" mismatch, indicating a potential for a rebound [4] - Historical trends suggest that the brokerage sector has previously experienced periods of stagnation followed by significant rebounds, as seen from past performance comparisons [5] Market Outlook - Analysts from Huatai Securities and Galaxy Securities express optimism about the brokerage sector, citing a conducive environment for performance and valuation recovery due to high trading activity and investor confidence [6] - The brokerage ETF (512000) has a scale exceeding 39.7 billion yuan and an average daily trading volume of over 1 billion yuan, making it a prominent investment tool in the A-share market [6]