Sou Hu Cai Jing·2025-07-01 03:26Group 1 - The A-share market showed a mixed performance on July 1, with the banking sector performing well while technology stocks generally retreated, leading to over 3,500 stocks declining and a noticeable cooling of market sentiment [1] - The leading securities ETF (560090) experienced a significant inflow of over 195 million yuan yesterday, despite a drop of 0.99% during the morning session [1][3] - Most of the constituent stocks of the securities ETF saw a decline, with Guosheng Jinkong leading with an increase of over 2%, while stocks like Dongwu Securities and Guotai Junan saw minor increases, and others like Dongfang Caifu and China Merchants Securities dropped by over 1% [3][4] Group 2 - The revised "Securities Company Classification Evaluation Regulations" aim to optimize the classification evaluation system, emphasizing functional orientation and promoting differentiated development for small and medium-sized securities firms [5][6] - The updated classification evaluation is expected to reinforce the "Matthew Effect" in the industry, supporting leading securities firms to enhance their strengths and encouraging smaller firms to explore differentiated development routes [6][7] - Recent policies, including the "Six Opinions on Mergers and Acquisitions," aim to strengthen the resource allocation function of mergers and acquisitions, supporting listed companies in injecting quality assets and enhancing investment value [7][8] Group 3 - The capital market reforms and supportive policies are expected to benefit the securities sector, with continuous high trading volumes and improved performance in brokerage and proprietary trading businesses [9][10] - The securities sector's valuation remains low, with the latest price-to-book ratio at 1.45, indicating a high cost-performance ratio for potential investors [10] - The ongoing merger and acquisition activities among securities firms, such as the merger of Guotai Junan and Haitong Securities, are anticipated to enhance scale and synergy effects, positively impacting valuations [9][10]