金吾财讯 | 中信建投研报指出，证券行业基本面处于高景气区间，而指数估值被压缩至近十年偏低分位，二者之间的较大落差形成核心预期差。中报高增确定性强化，连续多个季度财报超预期可期。长期层面，三大中长期产业趋势构筑结构性利好。1）大财富业务集中度持续提升；2）双创改革驱动券商科技属性与弹性提升；3）国际化业务增资扩张打开增量空间。综上而言，证券板块当前处于“业绩高增、估值低位、产业趋势加速”三者共振的窗口期。业绩端，中报高增+投行项目兑现构成连续验证；产业端，大财富业务格局集中、科创投行赋能、国际业务加速扩张三大趋势夯实中长期中枢；估值端，PB历史较低分位蕴含安全边际。在科技板块交易拥挤度攀升、资金高切低轮动的背景下，证券板块的风险收益比仍具吸引力。
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