“牛市旗手”证券ETF（512880）连续4日猛吸金超30亿元！规模超460亿元，同类规模第一

Group 1 - The core viewpoint of the article indicates that the performance of listed securities firms in the first half of the year exceeded expectations, with both revenue and net profit attributable to shareholders showing significant growth, which has notably boosted market confidence [1] - Major securities firms demonstrated stable performance, with some achieving leapfrog growth through mergers and acquisitions, while a number of smaller firms with strong earnings elasticity also performed well [1] - Since the beginning of the year, the equity market has shown a steady upward trend, with significant increases in trading activity, including transaction volume, margin financing balance, and the issuance scale of equity products, collectively driving the securities sector into a valuation recovery phase and enhancing the performance of securities firms [1] Group 2 - Regulatory authorities are currently encouraging industry consolidation, and under the trend of promoting high-quality development in the securities industry, mergers and acquisitions are effective means for firms to achieve external growth [1] - Mergers and acquisitions in the securities sector positively impact the overall competitiveness of the industry, optimize resource allocation, and promote healthy market development, while also helping to increase industry concentration and create economies of scale [1] - The securities sector exhibits strong beta characteristics, with the performance of core businesses closely linked to capital market performance; as global liquidity narratives resonate, the hot trading in capital markets and increased market risk appetite contribute to the recovery of the securities industry's prosperity [1]