On the afternoon of December 17, the brokerage sector surged from underwater levels, gaining momentum rapidly! Leading brokerages spearheaded the rally, with Huatai Securities Co., Ltd. briefly soaring over 9%, while Orient Wealth and Guotai Haitong rose more than 3%.
The heavyweight brokerage ETF (512000), with assets under management (AUM) of 39.5 billion yuan, skyrocketed, with gains nearing 3% at one point, reclaiming its half-year moving average. Trading volume surged intraday, with nearly 1.3 billion yuan in turnover, significantly surpassing the previous day's full-day volume.
On the news front, the recently concluded Central Economic Work Conference emphasized the continuous deepening of comprehensive capital market reforms for financing and investment. Industry experts noted that this provides clear direction for brokerages, positioning them as key "service providers" for direct financing, vital "gatekeepers" of capital markets, and professional "managers" of social wealth. Driven by moderately accommodative liquidity and deepening reforms, brokerages' fundamentals are expected to improve further, with valuation recovery anticipated. Analysts recommend focusing on high-quality but undervalued leading brokerages.
Xiangcai Securities pointed out that with A-share market turnover and margin trading balances remaining at elevated levels, brokerages' earnings will continue to recover. Currently, the sector's price-to-book (PB) ratio has retreated to the lower range of the past decade, suggesting attractive valuation and high safety margins.
"Ride the rally with brokerages!" The brokerage ETF (512000) and its feeder funds (Class A 006098; Class C 007531) passively track the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks. It serves as an efficient investment tool for concentrated exposure to top brokerages while also covering mid- and small-cap players. The ETF's latest AUM exceeds 39.5 billion yuan, with average daily turnover exceeding 1 billion yuan year-to-date, making it one of the largest and most liquid brokerage ETFs in the A-share market.
Reminder: Recent market volatility may be elevated, and short-term price movements do not indicate future performance. Investors must assess their financial situation and risk tolerance carefully, emphasizing position and risk management.
Data sourced from Shanghai and Shenzhen stock exchanges and public materials.
Risk Disclosure: The above products are issued and managed by fund managers, and selling agencies bear no responsibility for investment, redemption, or risk management. Investors should carefully review the "Fund Contract," "Prospectus," and "Fund Product Summary" to understand risk-return characteristics and select products matching their risk tolerance. Past performance does not predict future results—invest with caution. Selling agencies (including fund managers' direct sales channels and other distributors) evaluate fund risks per relevant regulations. Investors should heed the fund manager's suitability assessment, noting that risk ratings may vary across sellers but cannot be lower than the manager's rating. Fund contracts may define risk-return profiles differently due to varying considerations. Investors must evaluate risks and returns, aligning with personal investment goals, horizon, experience, and risk appetite. The CSRC's registration of these funds does not constitute a guarantee of their investment value, market outlook, or returns. Invest prudently.
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