Recently, the A-share securities brokerage sector has entered a window period for dual recovery in both valuation and earnings. On one hand, ongoing capital market reforms in China—such as the full implementation of the registration-based IPO system, optimization of trading mechanisms, and policies aimed at revitalizing market activity—directly benefit brokerages as key intermediaries. On the other hand, improving market sentiment, stabilized IPO and refinancing activities, and early successes in wealth management transformation are enhancing earnings expectations for the sector. From a valuation perspective, the sector’s current price-to-book (PB) ratio remains near historical lows, offering a strong margin of safety and significant upside potential. Coupled with a mild macroeconomic recovery and ample liquidity, the environment is favorable for valuation uplift. Moreover, leading brokerages—with their superior capital strength, compliance capabilities, and integrated service offerings—are well-positioned to gain market share as industry consolidation accelerates. As such, this period is seen as a strategic window for investors to selectively invest in high-quality brokerage stocks that combine low valuations, high ROE, and diversified business models.
近期，A股券商板块迎来估值与业绩的双重修复窗口期。一方面，随着国内资本市场改革持续推进，包括全面注册制落地、交易机制优化以及活跃资本市场政策频出，券商作为核心中介机构直接受益；另一方面，市场交投情绪回暖、IPO及再融资节奏企稳、财富管理业务转型初见成效，推动券商业绩预期改善。从估值角度看，当前券商板块整体市净率（PB）处于历史低位，具备较强的安全边际和修复空间。叠加宏观经济温和复苏、流动性保持合理充裕，为券商股估值提升提供了良好环境。此外，头部券商在资本实力、合规风控及综合服务能力上的优势日益凸显，有望在行业集中度提升过程中率先受益。因此，当前阶段被视为布局优质券商股的重要窗口期，投资者可关注兼具低估值、高ROE及业务多元化的龙头标的。
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