近期，中金公司发布研报指出，随着资本市场改革持续推进、市场情绪逐步回暖以及行业基本面企稳，证券行业的配置价值预计将逐步凸显。报告认为，在政策面持续支持下，包括全面注册制落地、交易机制优化及对外开放深化等举措，将为券商带来新的业务增长点。同时，当前券商板块估值处于历史低位，具备较高的安全边际和修复空间。中金强调，头部券商凭借更强的资本实力、综合服务能力以及合规风控水平，有望在行业整合与高质量发展中占据优势地位。此外，随着居民资产配置向权益类资产转移的趋势加强，券商在财富管理、资产管理等轻资本业务方面的潜力也将进一步释放。综合来看，中金建议投资者可关注具备综合实力、创新能力和良好股东背景的优质券商标的，把握证券板块的中长期配置机会。
Recently, China International Capital Corporation (CICC) released a research report indicating that the investment appeal of the securities sector is expected to become increasingly evident, driven by ongoing capital market reforms, improving market sentiment, and stabilizing industry fundamentals. The report notes that supportive policies—such as the full implementation of the registration-based IPO system, optimization of trading mechanisms, and deeper market opening-up—will create new growth opportunities for brokerages. Currently, the sector trades at historically low valuations, offering a solid margin of safety and room for valuation recovery. CICC highlights that leading brokers, with stronger capital bases, comprehensive service capabilities, and robust compliance and risk management systems, are well-positioned to benefit from industry consolidation and high-quality development. Moreover, as household asset allocation shifts toward equity-related products, brokerages stand to gain further from their wealth and asset management businesses—lighter-capital operations with strong growth potential. Overall, CICC recommends investors consider high-quality brokerage firms with strong综合实力 (comprehensive strength), innovation capabilities, and solid shareholder backing to capture medium- to long-term opportunities in the sector.
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