Up to now, 23 companies in the A-share brokerage sector have disclosed their 2022 annual performance forecasts or performance reports. Judging from the data, only Fangzheng Securities achieved positive net profit growth, while CITIC Securities, Oriental Wealth, and Guoyuan Securities were among the few brokerage firms that achieved a net profit decline of less than 10%. There were 13 brokerage firms whose performance declined by more than 50% (excluding losses), and 6 other companies predicted losses. Despite the generally poor performance in 2022, with the recovery of capital markets since the beginning of 2023, sell-side analysts generally believe that the performance of the securities industry will soon be restored. Dongwu Securities said that brokers' valuations are currently in the bottom range, so they can wait for the valuation to fix the market. Currently, brokerage valuations are approaching the bottom of the sector in 20 years, and there is limited room for downside; it is expected that as equity market sentiment recovers and central enterprise valuations gradually return to reasonable levels, the securities sector will usher in valuation restoration. (Securities Times)