Western Securities(SZ:002673) Sou Hu Cai Jing·2025-11-03 02:18Group 1 - The core viewpoint is that the non-bank financial industry, particularly the securities sector, is expected to show a positive performance trend, driven by brokerage and proprietary trading businesses, with a focus on the upcoming reforms by the China Securities Regulatory Commission (CSRC) [1] - The performance of listed securities firms in the third quarter of 2025 is in line with expectations, indicating a recovery in earnings [1] - The securities industry is considered relatively undervalued with a high year-on-year growth in performance, making it an attractive investment segment in the current market environment [1] Group 2 - The CSRC is promoting reforms in the public fund performance benchmark, aiming to standardize the management of the entire industry [1] - The capital market's activity level is expected to remain high, suggesting ongoing investment opportunities in the securities sector [1] - The largest and most liquid securities ETF (512880) is recommended for investors to capitalize on opportunities within the securities sector, with its scale reaching 61.277 billion, ranking first among 21 similar products [1]