As of January 8, the Shanghai Composite Index has achieved a robust "15 consecutive gains" streak, during which it reached a new high for the current bull market at 4093.87 points. Simultaneously, the growth of the margin trading and securities lending balance has accelerated once again, increasing by over 100 billion yuan in just 11 trading days since December 22, 2025. The activity level of margin trading has also intensified, surpassing the 300 billion yuan mark for two consecutive trading sessions. Several foreign institutions have released market outlooks, expressing strong confidence in the potential of the Chinese market in 2026. Goldman Sachs predicts that the MSCI China Index and the CSI 300 Index will rise by 20% and 12%, respectively, in 2026; UBS also forecasts that the earnings growth of the MSCI China Index could reach 14% in 2026. For the brokerage sector, high market trading volume and sustained high levels of margin trading provide solid support for the positive earnings trend. Coupled with the policy direction of "stabilizing growth and the stock market" and "boosting the capital market," the prosperity of the brokerage sector is expected to continue its upward trajectory. In terms of performance, the brokerage sector experienced a short-term pullback over the past two days, with funds actively seizing the opportunity to build positions. Data from the Shanghai Stock Exchange shows that the Broker ETF (512000) saw a massive single-day inflow of 944 million yuan, with a continuous net inflow of 1.1 billion yuan over the past two days. The current valuation of the brokerage sector remains at a historical low. The price-to-book ratio (PB (LF)) of the CSI All Share Securities Companies Index, tracked by the Broker ETF (512000), stands at 1.52 times, positioned at the 42.86% percentile over the past decade, indicating a medium-to-low level. This significantly deviates from the sector's high prosperity and strong earnings growth, highlighting a prominent contradiction of lagging price performance. When there's a market rally, buy brokerages! The Broker ETF (512000) and its feeder funds (Class A 006098; Class C 007531) passively track the CSI All Share Securities Companies Index, providing a one-stop investment that encompasses 49 listed brokerage stocks. It is an efficient tool for concentrating investments in leading brokers while also including small and medium-sized brokers. The Broker ETF (512000) boasts an average daily turnover exceeding 1 billion yuan this year, making it a top-tier brokerage ETF with leading liquidity in the A-share market. Data sourced from the Shanghai and Shenzhen Stock Exchanges, etc. *Institutional views sourced from: Founder Securities report "Annual Strategy for Banks, Insurance, and Brokers" released on January 5, 2026; China Galaxy Securities report "Brokerage Market Steady with Progress, Policy and Capital Provide Dual Empowerment" released on December 23, 2025. Risk Disclosure: The Broker ETF (512000) passively tracks the CSI All Share Securities Companies Index. The base date for this index is June 29, 2007, and it was published on July 15, 2013. The annual gains/losses of the CSI All Share Securities Companies Index from 2020 to 2024 were +16.55%, -4.95%, -27.37%, +3.04%, and +27.26%, respectively. The constituent stocks of the index are adjusted according to its compilation rules, and its past historical performance does not indicate its future performance. This product is issued and managed by Huabao Fund. Selling agencies do not assume responsibility for the product's investment, redemption, or risk management. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Key Facts Statement," 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 Broker ETF is R3-Medium Risk, suitable for investors with a suitability rating of C3 and above. The performance of other funds managed by the Fund Manager does not guarantee the performance of this fund. Past performance of the fund is not indicative of its future results. Funds carry risks, and investment requires caution! Selling institutions (including the Fund Manager's direct sales channels and other selling institutions) assess the risk of this fund based on relevant laws and regulations. Investors should pay timely attention to the suitability opinions issued by the Fund Manager. Suitability opinions from various selling institutions may not necessarily be consistent, and the risk rating results for the fund product issued by fund selling institutions shall not be lower than the risk rating result made by the Fund Manager. There are differences between the fund's risk-return characteristics described in the fund contract and its risk level due to different consideration factors. Investors should understand the fund's risk-return profile and carefully select fund products based on their own investment objectives, time horizon, investment experience, and risk tolerance, and assume the risks themselves. 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, and investment requires caution. A MACD golden cross signal has formed, and these stocks are performing well! Vast information and precise interpretation are available on the Sina Finance APP.
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