券商板块景气度有望持续上行，证券ETF嘉实(562870)创成立以来规模新高

Core Viewpoint - The securities sector is experiencing mixed performance, with some stocks rising while others decline, indicating a volatile market environment [1][2]. Market Performance - As of July 25, 2025, the CSI All Share Securities Company Index decreased by 0.15%, with Western Securities leading the gainers at 6.16% [1]. - The trading volume for the securities ETF managed by Harvest reached 1.02 billion yuan, with a turnover rate of 34.42%, reflecting active market participation [2]. ETF and Index Details - The Harvest Securities ETF closely tracks the CSI All Share Securities Company Index, which categorizes companies into 11 primary industries, 35 secondary industries, and over 200 tertiary industries [2]. - As of June 30, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.45% of the index, with Dongfang Caifu, CITIC Securities, and Guotai Junan among the leaders [2]. Stock Performance - The performance of key stocks includes: - Dongfang Caifu: -0.58% [4] - CITIC Securities: -0.63% [4] - Guotai Junan: -0.30% [4] - Huatai Securities: -0.74% [4] - Other notable declines include Xiangcai Securities at -1.56% and Guangfa Securities at -1.05% [4]. Industry Outlook - According to招商证券, the securities sector is expected to lead the market as a "bull market flag bearer," with favorable policies likely to sustain the industry's upward momentum [5]. - The current valuation of the securities sector is at historically low levels, suggesting significant potential for upward movement in the future [5]. Investment Opportunities - Investors without stock accounts can consider the Harvest Securities ETF linked fund (016842) to gain exposure to the securities sector [6].