Group 1 - The A-share market is experiencing a bullish trend, with major indices opening high and the brokerage sector showing strength, highlighted by significant gains in stocks like Xiangcai Co., which rose over 7% [1] - The A-share index has surpassed 3,800 points, with trading volume exceeding 20 trillion yuan for eight consecutive trading days, indicating strong market liquidity that benefits the brokerage sector's performance [1] - A total of 27 listed brokerages have reported mid-year earnings forecasts, showing a year-on-year net profit growth of 63.0% to 77.2% for the first half of the year [1] Group 2 - The current monetary policy remains moderately loose, and with the support of state-owned entities and increased long-term capital allocation to equities, there is still potential for margin financing balances to rise, which is favorable for brokerage businesses [1] - Tianhong Fund reiterates its previous view that the brokerage sector acts as a market initiator, with recent stock movements potentially indicating future market trends; the current price-to-book (PB) ratio for the brokerage sector is 1.59x, positioned at the 47.65% percentile over the past decade, suggesting a historical low valuation with room for recovery [1] - Investment opportunities in the brokerage sector are recommended, specifically focusing on securities ETFs like 159841 and off-market C-class funds like 008591, to capitalize on the bullish market conditions [1]