Tiger Brokers

【券商聚焦】华泰证券：市场景气度具有较强的可持续性 构成券商板块估值上行的内在驱动力

金吾财讯
Oct 02

金吾财讯 | 华泰证券表示，25Q3市场景气度显著提升，各大宽基指数持续走强，上证指数突破2016年以来高位，交易活跃度不断走高。25Q3单季度至今（截至9/29），全A股日均成交额2.1万亿元，相较24Q3/25Q2分别提升211%/67%，单日交易峰值突破3万亿元；在低利率及高景气度驱动下，两融规模持续攀升，峰值创2.44万亿元的历史新高，反映出市场风险偏好上升和资金活跃度增强，新兴板块的活跃轮动也进一步激发市场动能。中长期资金入市、居民财富向资本市场迁徙的趋势明朗，资本市场迈入良性循环周期，市场景气度具有较强的可持续性，构成券商板块估值上行的内在驱动力。该机构指，当前权益资产景气度稳定向上，该机构看好券商业绩增长、估值提升的持续性。25Q2末主动偏股基金持有券商股的仓位为0.64%，仍处于2018年以来低位，且相对沪深300自由流通市值权重明显低配。当前A股券商板块PB(LF)估值1.60x，处于2014年来39%分位数；H股中资券商指数PB(LF)估值0.93x，处于过去十年来72%分位数。建议把握高性价比配置机会，个股关注1）财富管理/国际业务领先的头部券商；2）估值较低的中型券商。

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