ETF盘前资讯|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

Core Viewpoint - The A-share market is experiencing a significant upward trend, with major indices reaching new highs and increased trading volumes, indicating a bullish sentiment among investors [1][3]. Market Performance - On August 12, the A-share indices continued to set new annual highs, with the Shanghai Composite Index rising for seven consecutive days and reaching a peak of 3669 points, close to last year's high of 3674 points [1]. - The total trading volume for the day was 1.88 trillion yuan, marking the 19th consecutive day of trading volumes exceeding 1.5 trillion yuan [1]. Fund Inflows and Investor Sentiment - Various sources of incremental capital are driving the current market rally, including institutional funds from insurance, pension funds, public and private equity, 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]. Sector Performance - The brokerage sector, often seen as a "bull market flag bearer," has shown strong performance in terms of capital inflows, 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][3]. - 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 leading ETFs in terms of scale and liquidity in the A-share market [3]. Historical Context 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 brokerage index performance [3]. - The current market recovery, supported by recent policy measures, is expected to accelerate the supply-side structural reforms within the brokerage sector [3].