牛市的号角？融资余额突破1.9万亿，“旗手”率先出击，A股顶流券商ETF再涨2%，连刷年内新高

Core Viewpoint - The A-share market shows a significant recovery, with the Shanghai Composite Index surpassing 3600 points for the first time since October 8, 2024, indicating a strong market sentiment [1] Market Indicators - As of July 21, the financing balance in the A-share market has exceeded 1.9 trillion yuan, marking a notable increase in market activity and risk appetite [1] - The proportion of financing purchases in the A-share trading volume reached 10.29% on July 21, the first time it has exceeded 10% since March 7 [1] Broker Performance - Brokerages, often referred to as the "flag bearers" of a bull market, are expected to lead the market recovery as the financing balance and leverage funds show increased activity [1] - The A-share top broker ETF (512000) has shown a strong correlation with changes in the market financing balance, with recent trading indicating a significant upward trend [1] Investment Opportunities - The broker ETF (512000) has experienced a rise of over 2% as of July 24, achieving six consecutive daily gains and reaching new highs for the year [1] - The current low valuation of the brokerage sector presents a substantial upward potential, making it an attractive investment opportunity as the market sentiment improves [1] Fund Composition - The broker ETF (512000) tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [1] - The remaining 40% of the holdings include smaller brokerages, providing a balanced investment approach that captures both leading firms and high-growth potential from smaller players [1]