Huatai Securities: In 2027, it is recommended to seize strategic allocation opportunities in the brokerage sector.

Huatai Securities research report states that since 2026, influenced by multiple structural factors such as capital allocation, the brokerage sector's performance has been relatively weak. Looking ahead to 2027, it is recommended to seize strategic allocation opportunities in the sector: the medium- to long-term positive trend of the capital market remains unchanged, and deepened reforms and policy support are expected to expand market development space; the business structure of brokerages continues to optimize, with operational stability gradually strengthening, and leading institutions, relying on increased concentration and growth in international business, are expected to further consolidate their profit advantages. Current pessimistic expectations have been relatively fully reflected in the sector's pricing, with valuation percentiles and institutional allocation both at low levels. Considering the market's medium- to long-term prospects, expectations of policy support, and the operational resilience of leading firms, it is recommended to seize the left-side allocation window and focus on high-quality undervalued leaders and structural investment opportunities.