近日，券商股再度崛起护航大盘触底反弹，市场的情绪又一次被点燃。 同花顺iFinD数据显示，12月5日，A股上演普涨行情，板块主力资金净流入排行中，证券行业流入资金 30.06亿元，位居第一；中小券商表现抢眼，中银证券涨停，兴业证券，东方财富、东北证券等涨幅均 超过4%。 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表重要讲 话，肯定行业多方面成绩，监管定调逐步趋暖。 三十三度资本基金经理程靓在接受《华夏时报》记者采访时表示，此次券商股的强势表现是"政策催化 +估值洼地+资金回流"共同作用下的估值修复。 政策端，摩根士丹利看好中国平安、中信证券唱多保险股，带动非银金融板块情绪升温，券商顺势跟 涨。同时，中金系券商整合进程推进，行业集中度提升预期强化了板块信心。 估值层面，截至11月底，券商板块整体PB仅1.2倍，处于近5年20%分位的历史低位，而2025年前三季度 42家上市券商归母净利润同比大增65.08%，头部券商ROE达15%，中小券商净利润增速更是超300%， 业绩高增与估值低迷的背离催生修复动力。 本报（chinatimes.net.cn）记者王兆寰 北京报道 ...

消息面上，广发证券研报指出，2025年市场活跃度回升，经纪两融高增，泛自营贡献分化弹性，券商业 绩高增但估值滞涨。2026年随着慢牛预期改善、政策利好，行业ROE持续提升，alpha有望更加突出， 催化机构资金增配。该行认为，行业景气度持续上行，春季躁动有望打开估值修复窗口期。建议关注受 益于格局优化主线、以及受益于泛财富管理提速回暖、投行资本化弹性的券商。 值得关注的是，年底重要政策窗口期临近。按照惯例，12月中上旬将召开中共中央政治局会议和中央经 济工作会议，部署2026年经济工作。中信证券指出，2025年中央经济工作会议大概率在"稳中求进"总基 调下，从消费扩张、科技创新、财政货币协调、房地产风险化解等方面形成系统部署。短期稳增长、稳 预期是核心任务，中期推动产业与投资结构优化，长期着力构建新质生产力和新发展模式。 中资券商股午后走高，截至发稿，弘业期货（001236）(03678)涨6.1%，报3.48港元；国联民生 （601456）(01456)涨3.9%，报5.6港元；华泰证券（601688）(06886)涨3.66%，报18.39港元；东方证券 （600958）(03958)涨3.27%，报6. ...

中资券商相关港股： 分业务来看，经纪、投资是业绩增长的核心驱动力，前三季度净收入分别同比增长75%、增长44%。 中信建投认为，当前市场对券商股的关注点或过度聚焦于交易层面的短期压力：受同比与环比高基数影 响，四季度市场交投热度或难以为代买业务贡献超预期的盈利增量。但市场认知中仍存在明显预期差， 核心在于忽略了今年与去年底行业基本面的重要差异——证券行业的景气修复已不再局限于经纪、自营 等局部业务，而是在投行、资管等多个领域均实现不同程度的回暖。 招商证券发布研报称，综合考虑，慢牛行情持续，券商作为"牛市旗手"却整体滞涨的情况下、值得更多 的关注和仓位配置。 智通财经APP获悉，截至 2025 年 11 月 4 日，中资券商板块 PB 为 1.53 倍，处于近 10 年来 41.48%分位 点处； 25Q3 机构持仓为 0.90%，环比持平，但尚且低于标配 3.99%。 上市券商前三季度业绩高增。42家上市券商前三季度实现归母净利润1,690亿元，同比增长62%，扣非 净利润1,620亿元，同比增长68%。 其中Q3单季度扣非净利润677亿元，同比增长97%，环比增长31%。 华泰证券(06886)、广发证券 ...

Core Viewpoint - Chinese brokerage stocks are experiencing a collective rebound, with significant increases in share prices for major firms, indicating a positive market sentiment and potential recovery in the sector [1] Group 1: Stock Performance - China International Capital Corporation (CICC) rose by 5.4% to HKD 22.26 - CITIC Securities increased by 4.16% to HKD 13.77 - Huatai Securities saw a rise of 3.79% to HKD 20.82 - China Galaxy Securities gained 3.56% to HKD 11.63 [1] Group 2: Earnings Forecasts - Dongwu Securities announced an earnings upgrade, projecting a net profit of CNY 2.748 billion to CNY 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65%, surpassing last year's total profit [1] - Dongguan Securities, a non-listed brokerage, expects total operating revenue for the first three quarters to be between CNY 2.344 billion and CNY 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [1] - The anticipated net profit for Dongguan Securities is projected to be between CNY 862 million and CNY 953 million, indicating a year-on-year growth of 77.77% to 96.48% [1] Group 3: Market Analysis - Founder Securities noted a clear trend of fundamental recovery in brokerages due to a high trading environment, with net profit growth in the sector expected to accelerate to 70% in the third quarter [1] - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, highlighting a mismatch between current valuations and improving earnings [1] - There is significant room for valuation upgrades in the brokerage sector, as the current valuations do not align with the expected performance improvements [1]

Core Viewpoint - The brokerage sector, often seen as a "bull market flag bearer," is experiencing a divergence between strong performance and declining valuations, indicating a potential undervaluation and underweighting in the market [1][3]. Performance and Valuation - In Q1, the average daily trading volume of A-shares reached 15.2 trillion yuan, a year-on-year increase of 69.58%, significantly supporting the revenue growth of listed brokerages [2]. - A total of 42 A-share listed brokerages achieved a combined operating income of 125.93 billion yuan in Q1, up 24.6% year-on-year, and a net profit attributable to shareholders of 52.183 billion yuan, up 83.48% year-on-year [2]. - Despite the strong performance, the brokerage sector's market performance has been disappointing, with a cumulative decline of 7.58% as of May 16, 2023, and only 6 out of 42 brokerage stocks showing an increase [2]. Underestimation and Market Sentiment - Analysts indicate that the brokerage sector is currently undervalued, with a price-to-book ratio of approximately 1.21, placing it in the 16.96% percentile over the past decade [3]. - The proportion of active equity public funds holding brokerage stocks was about 0.37% in Q1, marking a historical low [3]. - Factors beyond fundamental performance, including macroeconomic conditions and non-fundamental elements, are also influencing the sector's valuation [3]. Future Outlook - Analysts expect a recovery in the brokerage sector's valuations, driven by improved liquidity and favorable policies, with significant growth opportunities anticipated [5]. - Projections for 2025 suggest a 13% year-on-year increase in net profit for the securities industry, with brokerage income expected to rise by 35% [5]. - The recovery of the primary market and continued strength in the secondary market are expected to stabilize the brokerage's investment banking and asset management businesses [6]. Investment Opportunities - Analysts recommend focusing on brokerage firms with good Q1 fundamentals and expectations for mergers and acquisitions, as these firms are likely to present long-term investment value [6]. - The ongoing supportive policies from the capital market are expected to benefit leading brokerages with strong balance sheet management and stable growth [6].