华西证券则表示，9月24日以来，券商板块急速上涨，此后有所回调。我们认为适当回调是良性的，也是行情走长走高的必要条件。目前板块PB从短期高点的1.8X左右已经回调至1.5X，或许回调已接近尾声，结合三季度业绩的大幅改善，我们乐观看待三季报行情。Chinese brokerage stocks continued to decline. As of press release, China Merchants Securities (06099) fell 10% to HK$11.88; Shen Wan Hongyuan (06806) fell 9.5% to HK$2.19; CITIC Securities (06030) fell 7.62% to HK$19.4; and CITIC Construction Investment Securities (06066) fell 6.97% to HK$9.07.
The Zhitong Finance App learned that Chinese brokerage stocks continued to fall. As of press release, China Merchants Securities (06099) fell 10% to HK$11.88; Shen Wan Hongyuan (06806) fell 9.5% to HK$2.19; CITIC Securities (06030) fell 7.62% to HK$19.4; and CITIC Construction Investment Securities (06066) fell 6.97% to HK$9.07.
SDIC Securities pointed out that on the brokers' side, prior to this round of rise, the overall valuation level was only 0.5% of the past 5 years, mainly due to stricter financial regulations and poor overall market performance, which led to a weakening in brokers' profitability. Both aspects underwent significant changes at the end of September. Currently, the brokers' valuation is about 1.5 times PB, which is close to the high valuation of previous rounds. However, we believe that the current monetary easing and countercyclical fiscal strength are expected to continue, and the previous low valuation level of brokerage firms is still expected to be repaired. Short-term market adjustments will not affect the medium- to long-term strengthening trend in the brokerage sector.
Huaxi Securities, on the other hand, said that since September 24, the brokerage sector has risen rapidly, and there has been a correction since then. We believe that an appropriate pullback is benign, and it is also a necessary condition for the market to grow longer and higher. Currently, sector PB has been pulled back from a short-term high of around 1.8X to 1.5X. Perhaps the pullback is nearing its end. Combined with the significant improvement in the third quarter results, we are optimistic about the three-quarter report.
