仅用11天，沪指站上3600点！证券ETF龙头(560090)涨超2%，业绩大面积预喜，什么原因？

Core Viewpoint - The Shanghai Composite Index has reached a new high of 3600 points, marking a significant increase in market activity, with a trading volume exceeding 1.3 trillion yuan [1][3]. Market Performance - The securities sector has shown strong performance, with the leading Securities ETF (560090) rising over 2% [1][3]. - All component stocks of the Securities ETF have increased, with notable gains from Guosheng Financial Holdings, Dongfang Fortune, and CITIC Securities, all rising over 2% [3]. Earnings Forecasts - As of July 15, 28 listed securities firms have reported their semi-annual results, with major firms like Guotai Junan and CITIC Securities expecting a year-on-year net profit growth of 50% to 80% [3][4]. - Smaller firms have also shown impressive growth, with some reporting net profit increases of over 100% [4]. Business Segments - The core growth drivers for the securities firms include wealth management, investment trading, and investment banking, reflecting a robust recovery in the equity market [4][5]. - The average daily trading volume in the first half of 2025 has increased by 61% year-on-year to 1.39 trillion yuan, indicating heightened market participation [5][6]. Mergers and Acquisitions - Mergers and acquisitions have significantly contributed to profit growth, with Guotai Junan's acquisition of Haitong International leading to a substantial increase in net profit [5]. - The integration of firms is expected to enhance operational efficiency and drive business collaboration, which will be critical for assessing the success of these mergers [5][6]. Policy Environment - The market has benefited from a series of supportive policies aimed at stabilizing and activating the capital market, which is expected to continue benefiting the securities sector [6][8]. - The recent policies have led to a surge in new account openings, with 12.6 million new accounts registered in the first half of 2025, a 32.8% increase year-on-year [6]. Investment Opportunities - The securities sector is viewed as having a favorable risk-reward profile, with the latest price-to-book ratio at 1.52, indicating a good entry point for investors [6][8]. - The Securities ETF (560090) is highlighted as an efficient investment tool for gaining exposure to the securities sector, encompassing 50 listed brokerage stocks [8].