On April 10, the brokerage sector showed a long-awaited strong performance. Taking the top-tier brokerage ETF (512000), with a scale nearing 35 billion yuan, as an example, its intraday price increase reached as high as 5.48% during the morning session. This led the Shanghai Composite Index to briefly reclaim the 4,000-point level. It closed up 3.45%, recovering the 20-day moving average. The full-day turnover exceeded 2 billion yuan, indicating a simultaneous rise in both price and volume.
Individual stocks collectively strengthened. The median gain among the 49 constituent stocks of the CSI All Share Securities Index reached 2.11%. Leading brokerages spearheaded the advance. Citic Securities Company Limited, the industry leader, led the gains with a high-profile surge following its earnings report, with its increase once exceeding 9%. Huatai Securities, East Money Information, Guotai Junan Securities, Haitong Securities, and GF Securities were among the top gainers.
Impressive earnings coupled with depressed valuations are likely the core logic behind the brokerage sector's breakout. In 2025, the overall profits of listed brokerages hit a new multi-year high. The latest first-quarter earnings preview from Citic Securities Company Limited further bolstered confidence in the sustainability of the industry's high growth. Citic Securities Company Limited reported first-quarter operating revenue of 23.155 billion yuan, a year-on-year increase of 40.91%. Its net profit attributable to shareholders was 10.216 billion yuan, surging 54.60% year-on-year, marking the first time in brokerage history that a single quarter's profit has exceeded 10 billion yuan! Simultaneously, the overall valuation of the brokerage sector remains deeply depressed. As of April 9, the price-to-book ratio (PB) of the Securities Company Index was only 1.28 times, approaching historical lows. Medium and large-sized brokerages such as Guotai Junan Securities, Haitong Securities, Huatai Securities, Industrial Securities, and Orient Securities even fell into "below-book-value" territory. The combination of high earnings growth and low valuations jointly underpins the allocation value of the brokerage sector. The latest view from Feng Chencheng, fund manager of the Brokerage ETF (512000), points out that despite short-term disturbances from overseas geopolitical conflicts, new account openings remained high in March, and the sector's valuation is at a historical trough. He suggests focusing on opportunities for rapid valuation repair amid the ongoing disconnect between improving fundamentals and stock prices. Guotai Junan Securities also commented that, previously affected by trading factors, the valuation center of the brokerage sector underwent continuous adjustment. Currently, compared horizontally with international investment banks and vertically with other A-share industries, the sector's valuation has adjusted to a fair level. The sector's adjustment is nearing its end, and they are optimistic about subsequent catch-up opportunities for brokerage stocks. High growth prospects and low valuations highlight the potential for a brokerage sector recovery. The Brokerage ETF (512000) and its feeder funds passively track the CSI All Share Securities Index, encompassing 49 listed brokerage stocks in one investment, making it an efficient tool for concentrating exposure to leading brokers while also including mid and small-sized ones. The latest fund size of the Brokerage ETF (512000) is nearly 35 billion yuan, with an average daily turnover exceeding 1.1 billion yuan year-to-date, ranking it among the top brokerage ETFs in A-shares in terms of size and liquidity. Reminder: Recent market volatility may be significant. Short-term gains or losses do not indicate future performance. Investors must invest rationally based on their own financial situation and risk tolerance, paying close attention to position sizing and risk management. Data source: Shanghai and Shenzhen Stock Exchanges, etc. Institutional view source: Guotai Junan Securities report dated April 9, 2026. ETF fee-related information: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%. Fees for on-market trading are subject to the rates actually charged by securities firms, and no sales service fee is levied. Feeder fund fee-related information: For the Huabao CSI All Share Securities Co., Ltd. ETF Feeder Fund (Class A), the subscription fee (front-end load) is 1,000 RMB per subscription for amounts of 2 million RMB or more, 0.6% for amounts between 1 million RMB (inclusive) and 2 million RMB, and 1% for amounts below 1 million RMB. The redemption fee is 1.5% for holding periods under 7 days, 0.5% for holding periods from 7 days (inclusive) to 180 days, 0.25% for holding periods from 180 days (inclusive) to 1 year, and 0% for holding periods of 1 year (inclusive) or more; no sales service fee is charged. The Huabao CSI All Share Securities Co., Ltd. ETF Feeder Fund (Class C) charges no subscription fee. The redemption fee is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days (inclusive) or more; the sales service fee is 0.4%. Risk提示： The Brokerage ETF (512000) passively tracks the CSI All Share Securities Index, which has a base date of June 29, 2007, and was launched on July 15, 2013. The annual performance of the CSI All Share Securities Index from 2021 to 2025 was -4.95%, -27.37%, 3.04%, 27.26%, and 2.54%, respectively. The index constituent stocks are adjusted according to its compilation rules; its backtested historical performance does not indicate future index performance. This product is issued and managed by Huabao Fund. Distributors do not assume responsibility for the product's investment, redemption, or risk management. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Summary," and other legal fund documents to understand the fund's risk-return characteristics and choose a product suitable for their own risk tolerance. The risk rating assigned by the fund manager to the Brokerage ETF is R3-Medium Risk, suitable for investors with a suitability rating of C3 or above. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Past performance of the fund does not predict its future results. Funds carry risks; investment requires caution! Sales institutions (including the fund manager's direct sales channels and other distributors) assess this fund's risk according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinions provided by the fund manager. Suitability opinions from different sales institutions may not necessarily be consistent, and the risk rating results provided by fund distributors shall not be lower than the risk rating result provided by the fund manager. The description of the fund's risk-return characteristics in the fund contract and its risk rating may differ due to different consideration factors. Investors should understand the fund's risk-return profile and carefully select fund products based on their investment objectives, horizon, experience, and risk tolerance, bearing their own risks. The China Securities Regulatory Commission's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Funds carry risks; investment requires caution.
A MACD golden cross signal has formed, and these stocks are performing well!
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