On September 11th, big tech ignited market momentum, rapidly warming market sentiment. The broker sector gained significant ground before noon, with Guohai Securities briefly hitting the daily limit and currently up over 9%, Pacific Securities rising more than 6%, and East Money climbing over 3%, with real-time trading volume exceeding 10 billion yuan. Additionally, Changjiang Securities, Guosheng Financial Holdings, and Hualin Securities were among the top gainers.
The A-share top-tier Broker ETF (512000) saw its intraday price rise over 3% at one point, currently up more than 2%, recovering above the 10-day moving average with real-time trading volume exceeding 1.5 billion yuan, far surpassing the previous day's full-day trading volume.
Regarding overall market potential, Zhongtai Securities indicates that A-share margin financing balance as a percentage of circulating market cap is currently far below the 2015 peak of 4.7%, demonstrating controllable leverage risk. Overall, A-shares remain undervalued compared to other markets, and from a valuation perspective alone, there should be significant room for improvement.
For the broker sector specifically, it is expected to continue benefiting from the market's upward cycle. Galaxy Securities states that under national policies of "stabilizing growth and stock markets" and "boosting capital markets," the policy direction will continue to guide the future trajectory of the broker sector. Multiple factors including continued moderate liquidity conditions, ongoing optimization of capital market environment, and investor confidence rebuilding will jointly drive sector prosperity upward, with medium to long-term capital expansion expectations further strengthening fundamental improvement prospects.
Notably, since the broker sector reached cyclical highs in late August and continued consolidating, the sector's current valuation cost-effectiveness advantage is prominent. The CSI All Securities Company Index tracked by Broker ETF (512000) has a price-to-book ratio of only 1.55x, positioned at the 44.8% percentile over the past 10 years in the low-to-medium range.
Zhongyuan Securities believes that benefiting from index-driven upward momentum, the overall operating environment for the securities industry continues to improve. In the medium to short-term cycle, if equity markets further expand upward, the broker index is expected to maintain steady recovery and oscillating upward trends, with the broker sector potentially approaching the near 10-year valuation ceiling of 2x P/B.
The broker sector has been attracting intensive capital inflows recently. Shanghai Stock Exchange data shows Broker ETF (512000) attracted another 279 million yuan in a single day, accumulating over 6.3 billion yuan in net inflows over the past 20 days.
Broker ETF (512000) latest scale exceeds 32.4 billion yuan, setting new historical highs, with year-to-date daily average trading volume reaching 957 million yuan, making it a top-tier broker ETF leading in both A-share scale and liquidity.
When there's market momentum, buy brokers! Public information shows that Broker ETF (512000) and its feeder funds (Class A 006098; Class C 007531) passively track the CSI All Securities Company Index, encompassing 49 listed broker stocks in one package. Nearly 60% of positions are concentrated in the top ten leading brokers, bringing together "large asset management" and "large investment banking" leaders. The remaining 40% of positions account for the high performance elasticity of small and medium brokers, absorbing the characteristics of periodic high growth from smaller brokers, making it an efficient investment tool for concentrated exposure to leading brokers while considering small and medium brokers.
Reminder: Recent market volatility may be significant, and short-term gains and losses do not indicate future performance. Investors must make rational investments based on their financial situation and risk tolerance, paying close attention to position and risk management.
Data sources: Shanghai and Shenzhen Stock Exchanges, etc.
Risk Warning: Broker ETF passively tracks the CSI All Securities Company Index, with a base date of June 29, 2007, and published on July 15, 2013. The CSI All Securities Company Index annual returns for 2020-2024 were 16.55%, -4.95%, -27.37%, 3.04%, and 27.26% respectively. Index constituent composition is adjusted timely according to index compilation rules, and backtested historical performance does not predict future index performance. Index constituents mentioned in the article are for display purposes only. Individual stock descriptions do not constitute investment advice in any form, nor do they represent holding information and trading activities of any fund under management. Index constituent composition is adjusted timely according to index compilation rules. Individual stock descriptions do not constitute investment advice in any form, nor do they represent holding information and trading activities of any fund under management. The fund manager assesses this fund's risk level as R3-Medium Risk, suitable for balanced (C3) and above investors. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must take responsibility for any independent investment decisions. Additionally, any views, analyses, and predictions in this article do not constitute investment advice in any form for readers, nor do they bear any responsibility for direct or indirect losses caused by using the content of this article. Fund investment carries risks, past fund performance does not represent future performance, and performance of other funds managed by the fund manager does not guarantee fund performance. Fund investment requires caution.
MACD golden cross signal formed, these stocks are showing good upward momentum!