Group 1 - The core viewpoint is that the valuation of brokerage stocks cannot be accurately determined solely by the price-to-earnings (P/E) ratio, as it is influenced by both the P/E ratio and market trading volume, which has a geometric sensitivity to the activity level of the A-share market [1][2] - Brokerage stocks have a unique valuation characteristic where their valuation is significantly affected by market trading volume, as their core businesses, including brokerage, investment banking, and proprietary trading, are closely tied to market activity [1][2] - When market trading volume increases, brokerage firms experience a rise in brokerage income, more opportunities in investment banking, and enhanced returns from proprietary trading, leading to a potential increase in their valuation [1][2] Group 2 - The sensitivity of brokerage stocks to market activity is geometric, meaning that their valuation can fluctuate significantly based on overall market sentiment, investor participation, and trading volume [2] - A comprehensive assessment of brokerage stock valuation requires considering multiple factors, including P/E ratio and market trading volume, rather than relying solely on financial data and profitability [2] - During active market periods, increasing investment in brokerage stocks can be beneficial, while caution is advised during market corrections to avoid losses from valuation fluctuations [3]