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非银金融行业券商&资本市场周观察:券商ETF资金单周大幅流入,看好券商基本面持续改善
Yong Xing Zheng Quan·2025-03-26 03:07

Investment Rating - The industry investment rating is "Maintain Buy" [8] Core Viewpoints - The report highlights significant inflows into broker ETFs, indicating a positive outlook on the continuous improvement of the brokerage sector's fundamentals. Despite a 3.2% decline in the brokerage sector this week, broker ETFs experienced a net inflow for five consecutive days, with a weekly net inflow being the second highest in the past year. As of this week, 17 brokerages have reported their 2024 performance, showing a year-on-year increase of 18.6% in net profit attributable to shareholders. The A-share market has remained active this year, with a notable recovery in the equity market compared to the same period last year, suggesting that the brokerage sector's fundamentals will continue to improve in Q1 2025 [5][19][21]. Summary by Sections Market News - China's financial opening is progressing steadily, with four foreign-owned brokerages now operating. In Q1 2025, the transaction volume of brokerage mergers and acquisitions surged by 432%, with leading brokerages capturing nearly 70% of the market share. Tiger Brokers reported a 65% increase in net profit last year, with a nearly 28-fold increase in Q4. Zheshang Securities acquired 30 million shares of Guodu Securities for 57.042 million yuan [2][53]. Data Tracking - The securities index (Shenwan) fell by 3.22%, underperforming the CSI 300 index by 0.93 percentage points. The average daily trading volume of A-shares was 15,497 billion yuan, down 6.4% week-on-week but up 75.2% year-on-year. The margin trading balance reached 1,937.4 billion yuan, with a year-to-date average margin balance increasing by 20.7% year-on-year. The newly established equity funds totaled 14.18 billion units this week, up 39.2% week-on-week [3][4][32]. Investment Recommendations - The report suggests focusing on internet brokerages with high trading elasticity and beta attributes, such as Dongfang Caifu. With the recovery of the equity market and the rise of passive investment, it recommends attention to leading brokerages with advantages in equity asset management and ETF management, including CITIC Securities, GF Securities, and Huatai Securities. Additionally, brokerages with merger and acquisition expectations are highlighted [6][20].