证券ETF（512880）昨日净流入超2.5亿，虚拟资产牌照与科创板改革提振板块预期

Core Viewpoint - The securities industry has experienced a significant increase in trading volume, with June's average daily stock trading volume reaching 15,212 billion yuan, a year-on-year increase of 84.97% [1] - The approval of virtual asset trading licenses for Chinese securities firms indicates a proactive approach towards emerging business areas [1] - The proposed adjustment of the main board's risk warning stock price fluctuation limit to 10% is expected to enhance market pricing efficiency [1] Industry Summary - The average price-to-book (PB) ratio for the securities industry is projected to be 1.2 times by 2025, benefiting from market recovery and a favorable policy environment [1] - Brokerage and investment banking businesses are showing signs of improvement due to the positive market conditions [1] - The overall valuation of non-bank financial institutions still possesses a safety margin, and the transformation of the securities industry is expected to create new growth points [1] Company Summary - Guotai Junan International has become the first Chinese securities firm to obtain a virtual asset trading license in Hong Kong, followed by Tianfeng International, which has also been approved to provide related services [1] - The Securities ETF tracks the securities company index, which is compiled by China Securities Index Co., Ltd., reflecting the overall performance of listed companies related to the securities industry [1] - The constituent stocks primarily cover securities companies in the financial services sector, significantly representing the market trends of the securities sector [1]