On August 15, brokerage stocks strengthened again during trading. Among related ETFs, the Securities ETF (159841) rose 2.49%, with a trading volume of 170 million yuan. Among its constituent stocks, Great Wall Securities (002939) marked three consecutive limit-ups, while Tianfeng Securities (601162), BOC Securities (601696), GF Securities (000776), and others followed the upward trend.

The Securities ETF (159841) closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in the A-share market, including both traditional securities leaders and fintech leaders. It also allocates to the off-site Securities ETF Connect Fund (A: 008590, C: 008591).

Guosen Securities (002736) stated that against the backdrop of sustained market activity and visible profit effects, factors such as expanded market trading volume, growth in margin trading balances, and the continued upward trend of major stock indices will drive a dual boost to brokerage valuations and profitability.

Shenwan Hongyuan (000166) noted that as of August 7, the margin trading balance reached 2 trillion yuan, accounting for 2.3% of the A-share market's circulating市值 and 10.12% of A-share trading volume. Compared to the 2015 period when the margin trading balance exceeded 2 trillion yuan—when it accounted for over 4.5% of the A-share market's circulating市值 and peaked at over 20% of trading volume—there is still room for growth in the margin trading balance this year. Against the current backdrop of moderately loose monetary policy, the "national team" supporting the equity market, and long-term funds increasing equity allocations, this trend benefits brokerage, credit, and other related businesses.

Guolian Minsheng (601456) Securities indicated that the current PB valuation of the brokerage sector remains near historical lows, suggesting the industry still has room for flexibility.