Zheshang Securities pointed out that the current PB and PE (TTM) valuations in the brokerage sector are 1.2 and 19 times, respectively, and are in the 2% and 12% quartiles for 10 years, and the margin of safety is high. The PB valuation is only slightly higher than the level at the time of the bear market in 2018, but the ROE and asset quality are far superior to those in 2018, and the cost performance ratio of the configuration is outstanding. Looking to the future, the steady progress of capital market reform and the high-quality development of the asset management industry will help brokerage firms repair their fundamentals upward. Leading brokerage firms are expected to maintain the trend of being strong and strong.