证券ETF（512880）昨日净流入超11.0亿元，市场活跃度与估值修复引关注

Group 1 - The core viewpoint is that the securities industry is expected to benefit from improved market conditions and sustained high trading activity by 2025, with both valuation and performance showing β attributes, leading to comprehensive benefits for the sector [1] - Weekly average daily trading volume for stock funds reached 24.5 trillion yuan, indicating high market activity [1] - The new round of reforms in the capital market is anticipated to provide significant growth opportunities for brokerage firms in the long term [1] Group 2 - The insurance industry continues to show a stable improvement on the liability side and a risk mitigation on the asset side, with both aspects demonstrating resilience [1] - The industry valuation and holdings remain at a low point, and the β attributes combined with the alleviation of real estate investment risks are expected to support valuation recovery for the sector [1] - The non-bank financial sector is showing positive development trends driven by both policy and market factors [1] Group 3 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities brokerage, underwriting, and asset management from the A-share market to reflect the overall performance of the securities industry [1] - The index constituents are primarily competitive firms in the financial services sector, and the industry allocation reflects the market characteristics of the securities industry [1] - Investors without stock accounts may consider the Guotai CSI All-Share Securities Company ETF Connect C (012363) and Guotai CSI All-Share Securities Company ETF Connect A (012362) [1]