Sou Hu Cai Jing·2025-09-30 01:37Core Viewpoint - The securities ETF (159841) has shown significant growth, with a 4.79% increase in price and a notable inflow of funds, indicating a positive market sentiment towards the securities industry [3][4]. Group 1: ETF Performance - As of September 29, 2025, the securities ETF (159841) closed up 4.79% with a turnover rate of 12.89% and a trading volume of 1.264 billion yuan, reflecting active market trading [3]. - The ETF has seen a scale increase of 903 million yuan over the past two weeks, demonstrating substantial growth [3]. - In the last ten trading days, there were net inflows of funds for nine days, totaling 957 million yuan [3]. Group 2: Market Dynamics - The recent favorable policies for the brokerage sector, such as expectations for mergers and acquisitions and optimized trading mechanisms, have contributed to a recovery in market sentiment [3]. - The latest financing buy-in amount for the securities ETF reached 74.73 million yuan, with a financing balance of 360 million yuan, indicating ongoing leverage in the market [3]. Group 3: Industry Performance - The securities industry is projected to achieve its best operating performance since 2016 in the first half of 2025, with revenue increasing by 23.47% year-on-year and net profit rising by 40.37% [4]. - The proportion of self-operated business income has reached a near ten-year high, while brokerage business income has seen a slight recovery, contributing to the overall growth in industry performance [4]. Group 4: Institutional Insights - According to Zhongyuan Securities, the policy direction aims to enhance the attractiveness and inclusiveness of the domestic capital market, which is expected to support economic recovery and resilience against external shocks [5]. - The overall operating environment for the securities industry in the fourth quarter of 2025 is anticipated to maintain a favorable trend, with strong certainty for annual performance growth [5]. - The average price-to-book ratio for the brokerage sector in the third quarter is around 1.55 times, reflecting near ten-year average valuation fluctuations [5].