成为连续四周吸金的ETF！它凭什么？

Core Viewpoint - The influx of capital into the brokerage sector indicates a significant increase in investor interest, driven by multiple catalysts including performance recovery, policy support, and valuation repair [1][3][4][6][7][9] Group 1: Performance Recovery - In the first half of 2025, a wave of positive earnings forecasts emerged among brokerages, with 13 firms announcing optimistic mid-year results, including 12 projecting profit increases exceeding 45% year-on-year [3] - Notably, two brokerages expect profit growth to exceed tenfold, while four others anticipate over 100% profit increases [3] - The Shanghai Stock Exchange reported a substantial year-on-year increase in new account openings and trading volumes, contributing to the positive earnings outlook for listed brokerages [3] Group 2: Policy Catalysts - Recent capital market policies have been introduced, benefiting brokerages as intermediary institutions, with a focus on enhancing their roles in the capital market [4] - The approval of a Hong Kong-based brokerage to provide comprehensive virtual asset trading services is expected to open new revenue streams for brokerages [4] - Measures to expand the Bond Connect program to include non-bank institutions are anticipated to enhance the overseas asset allocation capabilities of domestic brokerages [4] - The China Securities Association's new guidelines aim to promote high-quality development in the securities industry, potentially opening new growth avenues in wealth management for brokerages [4] Group 3: Influx of Capital - From June 27 to July 11, 2025, the daily trading volume of the CSI All Share Securities Index increased by 28%, indicating heightened trading activity in the brokerage sector [6] - The total shares of ETFs tracking A-share securities rose from 673 million to 691 million, reflecting a continuous inflow of capital into the brokerage sector [6] - The Silver Fund's brokerage ETF has seen consistent net inflows over four weeks, accumulating a total of 11.61 million shares [6] Group 4: Valuation Repair - As of July 14, 2025, the price-to-earnings ratio of the CSI All Share Securities Index stands at 21 times, positioned at the 42nd percentile over the past decade, while the price-to-book ratio is at 1.5 times, at the 39th percentile [7] - Overall, the brokerage sector's valuations are considered to be at a historically low level, suggesting potential for recovery [7] Group 5: Market Confidence - The combination of favorable policies and active trading is expected to create upward momentum for both earnings and valuations in the brokerage sector [9] - The ongoing subscription trend for the brokerage ETF reflects market confidence, with a low management fee of 0.15% and a custody fee of 0.05%, making it one of the more cost-effective options in the sector [9]