The Shanghai Composite Index rose nearly 1%, approaching the 4,000-point mark, with strong performances from the financial sector and state-owned enterprises. The Securities ETF (512880) gained over 1%, and trading volume continued to expand.
On the news front, brokerages have begun disclosing their third-quarter reports. CITIC Securities was the first to release its report, showing revenue of 55,814,696,246.70 yuan for the first three quarters, a year-on-year increase of 32.7%, and net profit attributable to shareholders of 23,158,914,572.54 yuan, a year-on-year increase of 37.86%.
Against the backdrop of active market trading and a recovering market, the securities sector, often regarded as the "flag bearer of a bull market," is expected to benefit from the catalyst of quarterly reports. Investors are actively using ETFs to position for rebound opportunities. As of October 24, the share size of the Securities ETF (512880) has increased by over 20 billion units this year, with its current scale nearing 60 billion yuan.
Kaiyuan Securities stated that the third-quarter performance of listed brokerages is expected to slightly exceed previous expectations. Looking ahead, businesses such as investment banking, derivatives, and public fund operations are anticipated to improve sequentially. The rise of overseas business at leading brokerages and their focus on endogenous growth are expected to drive the expansion of ROE for top brokerages in this cycle. The sector's valuation remains low, and institutional allocations are significantly underweight, continuing to favor strategic allocation opportunities in the brokerage sector.
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