Guojin Securities Research Report said that under the guidance of supervision, the operations of securities companies will be more resilient in the future, and high-quality brokerage firms are expected to further open the upper limit of leverage and raise the level of ROE. Currently, the sector's PB valuation is only 1.36 times, outperforming the Shanghai Composite Index by 15 pcts from the beginning of the year. Judging from the historical profit growth rate, sector rise and fall rate, ROE level, and corresponding PB multiples, the sector's stock price and valuation performance still lag significantly behind performance, and I am optimistic about sector valuation repair.

Guojin Securities Research Report said that under the guidance of supervision, the operations of securities companies will be more resilient in the future, and high-quality brokerage firms are expected to further open the upper limit of leverage and raise the level of ROE. Currently, the sector's PB valuation is only 1.36 times, outperforming the Shanghai Composite Index by 15 pcts from the beginning of the year. Judging from the historical profit growth rate, sector rise and fall rate, ROE level, and corresponding PB multiples, the sector's stock price and valuation performance still lag significantly behind performance, and I am optimistic about sector valuation repair.