Recently, Galaxy Securities noted that the valuation of the securities sector is currently at a historically low level. Based on key valuation metrics such as price-to-book (PB) and price-to-earnings (PE) ratios, the sector’s current valuation is significantly below its ten-year average and even approaching historical lows. This situation stems from multiple factors: on one hand, temporary declines in market trading activity and adjustments in the pace of capital market reforms have pressured brokers’ short-term earnings; on the other hand, cautious investor sentiment and reduced appetite for financial sector exposure have further weighed on valuations. However, Galaxy Securities believes this low-valuation environment also highlights growing medium- to long-term investment value. With continued implementation of pro-growth policies, ongoing improvements in capital market infrastructure, and business growth expectations driven by the full rollout of the registration-based IPO system, the securities industry could see both fundamental recovery and valuation re-rating. For long-term investors, the current environment may present a favorable entry point for high-quality brokerage stocks.
近期，银河证券指出，当前证券板块整体估值已处于历史低位水平。从市净率（PB）和市盈率（PE）等核心估值指标来看，证券行业当前的估值显著低于过去十年的均值，甚至接近历史底部区间。这一现象主要受多重因素影响：一方面，市场交易活跃度阶段性回落，叠加资本市场改革节奏调整，使得券商短期业绩承压；另一方面，投资者情绪偏谨慎，对金融板块配置意愿较低，进一步压制了估值水平。然而，银河证券认为，当前低估值状态也意味着中长期配置价值逐步显现。随着稳增长政策持续发力、资本市场制度不断完善，以及全面注册制带来的业务增量预期，证券行业有望迎来基本面修复与估值重塑的双重机遇。对于长期投资者而言，当前或是布局优质券商股的较好时机。
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