A-share broker sector has exited a prior lull, with rising activity and inflows.
Market participants say the key shift is a breakdown of the old seesaw—broker
rallies paired with tech pullbacks—after securities firms and hard-tech began
rallying together. Investors are treating brokers as cheap proxies for hard‑tech
exposure because many firms now hold stakes in hard‑tech via underwriting
follow‑ons and direct equity investments, and the broker sector is trading at
historically low valuations. That dynamic is driving a fresh value re‑rating in
broker stocks.
