沪指突破3674，关注低配置低估值券商板块投资机会

Group 1 - The core viewpoint of the news highlights the joint effect of policy and capital in the recent market recovery, with a clear and strong "policy bottom" established by the central bank and regulatory authorities [1] - The central bank maintains a "moderately loose" monetary policy to ensure reasonable liquidity and guide financing costs down, while the China Securities Regulatory Commission (CSRC) has introduced measures to "activate the capital market and boost confidence" [1] - Long-term funds such as insurance and pension funds are gradually increasing their equity allocations, providing a stable source of capital for the market [1] Group 2 - The A-share market shows a significant increase in daily trading volume and a rise in the number of listed companies, with the average daily trading volume reaching 14,465 billion yuan in 2025, compared to 10,410 billion yuan in 2015 [2] - The margin balance as a percentage of the circulating market value has decreased from 4.7% in 2015 to 2.2% in 2025, indicating a reduction in leverage and improved risk control [2] - The brokerage sector is expected to benefit from multiple catalysts, including the influx of new capital from insurance and individual investors, with state-owned insurance companies increasing their A-share investments by 30% [2] Group 3 - The brokerage industry's performance elasticity is expected to increase as the self-operated structure approaches an adjustment point, with the attractiveness of the equity market rising [3] - The industry has surpassed the high-cost operating point, leading to increased performance elasticity during market uptrends, and asset quality continues to improve [3] - Brokerages are currently under-allocated and undervalued, with active public fund holdings at only 0.64% compared to 6.5% in the CSI 300 index, suggesting significant room for growth [3] Group 4 - The brokerage ETF fund (515010) tracks the securities company index, with the top ten constituent stocks accounting for 60.73% of the index, including major brokerages like CITIC Securities and Huatai Securities [4] - The brokerage ETF fund has the lowest fee rate among current market options at 0.2%, making it an attractive investment choice [4] - The Financial Technology ETF (516100) closely follows the China Securities Financial Technology Index, covering sectors such as software development and internet finance, and is expected to benefit from the market recovery and AI advancements [4]