（以下内容从国金证券《非银行金融行业研究：估值与业绩严重错配，非银板块具备配置性价比》研报附件原文摘录）券商板块正面临业绩与估值的显著背离。一方面，行业盈利保持高增，质地优良；另一方面，股价与估值持续承压，截至11月末，年初至今券商板块涨幅降低至0%，跑输大盘15pct，板块PB估值降低至1.35倍，位于十年33%分位。我们认为，随着券商合并推进以及国际业务布局深化，低估值的头部券商业绩修复空间...
Source Link（以下内容从国金证券《非银行金融行业研究：估值与业绩严重错配，非银板块具备配置性价比》研报附件原文摘录）券商板块正面临业绩与估值的显著背离。一方面，行业盈利保持高增，质地优良；另一方面，股价与估值持续承压，截至11月末，年初至今券商板块涨幅降低至0%，跑输大盘15pct，板块PB估值降低至1.35倍，位于十年33%分位。我们认为，随着券商合并推进以及国际业务布局深化，低估值的头部券商业绩修复空间...
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