Divergencia entre el precio de las acciones y los fundamentos, analistas del lado vendedor: las acciones de casas de bolsa enfrentarán una ventana de reparación de valoración

21st Century Business Herald Reporter Sun Yongle

Recently, the brokerage sector has experienced continuous fluctuations. On the 16th, Dongwu Securities disclosed an integration plan with Donghai Securities, causing its stock price to drop by 7%; on the 20th, Eastmoney disclosed the first annual report of a listed broker, with the stock price falling more than 5%, and nearly 2 billion yuan of net main capital outflows, ranking first among A-shares.

Since the beginning of this year, the broker index has fallen nearly 8%, ranking among the worst performers in the industry, which is a clear divergence from the fundamentals, causing many investors to doubt the sector’s recovery prospects.

The reporter’s review found that leading brokerages will release their performance reports intensively from late March to the end of April. The overall industry shows a high-growth trend, and the sector is expected to benefit from multiple positive catalysts.

On one hand, among listed brokers that have announced earnings forecasts, more than half have seen net profit growth of over 50% year-on-year, indicating a recovery in industry profitability; on the other hand, since the release of the “New Nine Articles,” dozens of brokerages have launched stock buyback plans, continuously boosting investor confidence.

In this regard, sell-side research analysts generally hold an optimistic attitude, believing that the current valuation and institutional positions of the broker sector are low compared to similar market environments in history, emphasizing the strategic allocation opportunities in broker stocks.

Huatai Securities’ research report pointed out that looking forward, the sector’s performance stability and sustainability are relatively good, and factors such as capital pressure easing, market style balancing under geopolitical fluctuations, and increased policy support for the capital market are expected to create a window for valuation recovery, especially given strong earnings and low valuations.