丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 降费措施助推市场交投活跃度，看好板块估值向 上弹性 报告要点 [Table_Summary] 本周非银板块整体表现较强。券商方面，本周沪深交易所推出 2026 年降费措施，市场交投环 比有所提升并维持历史高位，预计 2025 年业绩维持高增趋势，建议关注板块后续配置价值； 保险方面，中长期来看三季报以来印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定性进一步提升，估值有望加速修复，结合中长期拐点向上的判断，我们认为整体配置 性价比正逐步提高，板块重估进行时。 分析师及联系人 [Table_Author] SFC：BUV596 请阅读最后评级说明和重要声明 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 %% %% 1）本周非银板块整体表现较强。券商方面，本周沪深交易所推出 2026 年降费措施，市场交投 环比有所提升并维持历史高位，预计 2025 年业绩维持高增趋势，建议关注板块后续配置价值； 保险方面，中长期来看三 ...

Core Viewpoint - The securities sector is experiencing slight upward movement, with the broker ETF showing positive performance and attracting significant capital inflow as institutions remain optimistic about the A-share market for the upcoming year [1] Group 1: Market Performance - The three major indices opened slightly lower, with the securities sector showing minor fluctuations and then rising [1] - The broker ETF (159842) increased by 0.09% as of the report, with several constituent stocks, including Zhongyin Securities, rising by 1.7% [1] - The broker ETF has seen a net inflow of over 160 million yuan in the last four trading days [1] Group 2: Institutional Outlook - Multiple brokerages have begun releasing their 2026 annual investment strategies, with a generally positive outlook for the A-share market next year [1] - Huaxi Securities noted that active funds are significantly underweight in the non-bank sector, suggesting potential for increased allocation as the capital market becomes more active [1] - Hualong Securities indicated that the improvement in the return on equity (ROE) for the brokerage sector enhances shareholder return capabilities, with ongoing industry recovery likely to drive valuation restoration [1]