ETF日报：证券板块的大涨是业绩基本面改善、估值优势以及长期向好逻辑共同作用的结果，关注证券ETF

Market Performance - The Shanghai Composite Index rose by 0.83% to 3696.77 points, marking a new closing high in nearly three years, and is close to a ten-year peak [1] - The Shenzhen Component Index increased by 1.60%, while the ChiNext Index saw a rise of 2.61% [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 2.3 trillion, indicating strong participation from external funds [1] Market Sentiment - Despite a strong breakthrough of the 3700 mark, there was a subsequent pullback, leading to investor concerns about the end of the rally; however, the prevailing view is that the bullish trend is not over [1][2] - The market is characterized by a preference for small-cap stocks, with over 4600 stocks rising compared to fewer than 700 that fell [1] Economic Outlook - The "anti-involution" policies are being steadily implemented, fostering a growing consensus on the medium to long-term confidence in the Chinese economy, despite some fluctuations in economic data [1] - The market is expected to transition into a high-level consolidation phase, with potential for a "Davis double play" if supportive policies and improving economic data materialize [2] Securities Industry - The active market is closely linked to the performance of brokerage firms, with increased trading activity boosting brokerage revenues [3] - The resumption of IPOs and the deepening of capital market reforms are anticipated to benefit investment banks [3] - The approval of licenses for new business areas, such as stablecoins, is expected to open new growth avenues for brokerages, enhancing their profitability and market valuation [3] Mergers and Acquisitions - The trend of mergers and acquisitions in the securities industry is expected to improve market sentiment and enhance the competitive strength of leading brokerages [4] - Recent high-profile mergers, such as the collaboration between Guotai Junan and Haitong Securities, are indicative of a wave of consolidation in the sector [4] Coal Industry - The coal ETF has seen significant inflows, with over 1.1 billion entering in the past five days, supported by rising coal prices due to inventory reductions at ports [5][7] - The coal sector is expected to benefit from a combination of supply and demand policies, with a current dividend yield exceeding 5%, making it attractive for long-term investors [8][9]