机构：勿质疑本轮A股行情的上行空间，“牛市旗手”券商ETF（512000）单日再揽2．6亿元

Market Overview - A-shares continue to reach new highs in 2023, with the Shanghai Composite Index achieving a seven-day winning streak and peaking at 3669 points, approaching last year's high of 3674 points during the "924 market" [1] - The total trading volume for the day was 1.88 trillion yuan, marking the 19th consecutive day of trading volume exceeding 1.5 trillion yuan [1] Fund Inflows and Market Sentiment - The current market rally is supported by various sources of incremental capital, including insurance, pension funds, public and private equity funds, as well as retail investor participation [1] - The M1-M2 year-on-year growth rate gap has been narrowing, indicating an increase in the liquidity of funds and a marginal recovery in consumer and investment sentiment among residents [1] - The margin trading balance has reached a ten-year high, reflecting a sustained increase in risk appetite among individual investors [1] Broker Sector Performance - The brokerage sector, often referred to as the "bull market flag bearer," has shown strong performance in terms of capital inflow, with the broker ETF (512000) attracting 268 million yuan in a single day and a cumulative net inflow of 625 million yuan over the past five days [1] - The broker ETF has surpassed 25.9 billion yuan in total assets, with an average daily trading volume of 825 million yuan, making it one of the top-performing ETFs in terms of scale and liquidity in the A-share market [3] Historical Correlation and Future Outlook - Historical data indicates a strong positive correlation between the brokerage index valuation and market trading volume, suggesting that rising trading volumes often lead to increased market sentiment and higher probabilities of brokerage index gains [3] - The current market recovery, supported by a series of policy announcements, is expected to accelerate the supply-side structural reforms in the brokerage sector [3] - The broker ETF passively 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 [3]