Galaxy Securities: Valuation of the securities sector is at a historical low.

Galaxy Securities pointed out that the policy goals of the country, such as "stabilizing economic growth, stabilizing the stock market", and "boosting the capital market", will continue to set the tone for the future direction of the sector. Various factors, such as the continued moderately loose liquidity environment, the continuous optimization of the capital market environment, and the reshaping of investor confidence, will collectively drive the prosperity of the securities sector. In the current environment, long-term funds are entering the market at an accelerated pace, market activity remains at a high level, and the capital market is showing a trend of a "healthy bull market". Wealth management transformation, international business expansion, and financial technology empowerment are all expected to become driving forces for industry's ROE improvement. The current sector valuation is at historical lows, with both defensive and rebound capabilities.