Brokerage performance reaches a five-year high; the rebound potential in the securities sector is worth looking forward to.

As time enters earnings report season, brokerage performance growth rates have drawn market attention. According to Wind data, as of March 30, 27 listed brokerage firms have released their 2025 annual reports. While year-over-year attributable net profits are all positive, the average profit mean is up 44.39% year over year, reaching the highest level since 2020. Meanwhile, in terms of trend, the CSI All-Share Index—Securities Company Index rose only 2.54% in 2025, significantly underperforming the Shanghai Composite Index over the same period. Combined with catalysts from brokerage mergers and restructuring events, the catch-up potential for the securities sector may be worth expecting. A reporter learned that the Invesco Great Wall ETF lineup has new listings: the Invesco securities ETF (Fund code: 159008) is currently being issued. This product tracks the CSI All-Share Index—Securities Company Index. It packages leading A-share brokerages into one bundle to provide investors with a convenient tool to capture sector opportunities. (Data source: Wind; the Shanghai Composite Index’s rise in 2025 was 18.41%)

Multiple positive factors converging, possibly opening a window for securities sector allocation

As is well known, securities firms’ brokerage services, asset management, and proprietary investment businesses are closely tied to market activity. Since September 24, 2024, with the continued rollout of incremental policies, secondary market trading activity has been greatly boosted. For example, in 2025, the average daily trading value of stock and fund products was 198.14 billion yuan, up 67% year over year; and by the end of 2025, financing balances reached 252.42 billion yuan, up 36%. From the profit side, taking the CSI All-Share Index—Securities Company Index as an example, Wind’s consensus expectation data shows that the index’s net profit in 2025 is expected to grow 47.36% year over year. (Data source: Wind, as of 2026/3/27)

However, the major improvement in performance has not yet brought a synchronized valuation repair for the sector. As of March 27, the price-to-earnings ratio of the CSI All-Share Index—Securities Company Index was 14.78x, near the historical low of the past five years at 0.54%. Haitong Securities stated that in the past, brokerage firms’ performance fluctuated with market cycles, leading investors to worry about the continuity of earnings growth, which has become an important reason suppressing the sector’s performance. Nevertheless, with the significant increase in the capital market’s capacity over the past two years, the expansion of both investors and listed companies, and long-/mid-/long-term funds continuing to enter the market, brokers’ operations across their various business lines are improving. This could reduce uncertainty regarding earnings growth. “Looking ahead, the policy tone supporting the development of the capital market is expected to create a ‘slow bull’ environment, promote diversified development of brokerage businesses, and thereby enhance the stability of earnings growth. The mismatch between current sector valuations and earnings may bring strategic allocation opportunities,” Haitong Securities’ analyst said.

In addition, the logic for policy support for brokers’ long-term development is also fairly clear. On the one hand, regulators encourage brokerage firms to integrate resources through mergers and restructuring, which not only enhances overall competitiveness but also advances industry supply-side reforms. On the other hand, it guides different tiers of brokerage firms to develop in differentiated ways—for example, granting leading brokers more independent space in innovation business pilots and fund utilization, while guiding smaller brokers to “compete” on distinctive features, avoiding wasteful industry resource churn and inefficient “price wars.” Meanwhile, the “15th Five-Year Plan” proposes building a financial powerhouse. The capital market will play an even more critical hub role in cultivating new quality productive forces and serving the real economy, which also helps to drive diversified development of brokerage businesses and may open long-term growth potential for them.

Gathering high-quality brokerage leaders—high elasticity and strong offensiveness

How to capture opportunities for allocating to the securities sector? ETFs are one of the more efficient and convenient tools. Taking the currently being issued Invesco securities ETF as an example: it tracks the CSI All-Share Index—Securities Company Index. This index selects securities industry stocks from among the constituents in the CSI All-Share universe. There are currently 49 constituent stocks. It includes traditional brokerage leaders such as CITIC Securities, Guotai Huatan, and Haitong Securities, and also covers internet brokerage leaders represented by Oriental Fortune. Therefore, it has strong representativeness for the securities sector and can capture sector investment opportunities in a relatively comprehensive way. (Data source: Wind, as of 2026/3/27; the above listed individual stocks are only examples of index constituents and do not represent any specific investment recommendation; investing involves risk—proceed with caution.)

Looking at historical data, the performance of the CSI All-Share Index—Securities Company Index is closely related to the capital market’s level of activity and optimism. It often shows stronger offensiveness during periods when markets are rising, and can generate clearly leading excess returns versus the broader market index. For example, the three typical uptrend intervals of July 1, 2013 to June 1, 2015, January 1, 2019 to December 1, 2021, and September 24, 2024 to March 31, 2025. In these periods, the index rose 235.63%, 52.88%, and 31.97%, respectively. Compared with the Shanghai Composite Index’s gains over the same periods, excess returns were clearly higher. (Note: In the above intervals, the Shanghai Composite Index’s gains were 143.97%, 43.43%, and 21.35%, respectively; data comes from Wind. Historical performance does not indicate future returns. Investing involves risk; choose carefully.)

Looking ahead to the market, Zhang Xiaonan, proposed fund manager for the Invesco securities ETF (Fund code: 159008), said that under the support of policy and liquidity protection, the steady upward trend of the capital market remains unchanged. In addition, with valuation-related advantages, brokerage restructuring promoting industry supply-side reform, and incremental improvements in international business quality, there are prospects to create a dual opportunity for the securities sector: both valuation repair and earnings delivery. It is also worth mentioning that Invesco Great Wall has worked on ETFs for many years. In recent years, it has even accelerated its layout of domestic and overseas markets through distinctive and internationalized differentiated strategies, providing investors with many ETF products with distinctive characteristics. In terms of sector themes, besides ETFs covering technology themes such as Hong Kong-listed tech, Nasdaq technology, artificial intelligence, and new energy, there are also ETFs focusing on resource sectors such as nonferrous metals, power, and agriculture, animal husbandry, and fisheries. The issuance of the Invesco securities ETF further enriches the company’s layout of industry-themed products, while also giving investors a convenient tool to capture opportunities in the securities sector.

MACD golden cross signals formed—these stocks are showing strong uptrends!

A huge amount of information and precise interpretation—only on Sina Finance APP

责任编辑：郭栩彤