证券ETF（512880）连续3日净流入超38亿元，规模超620亿元居同类规模第一

Core Insights - The securities ETF (512880) has seen a net inflow of over 3.8 billion yuan for three consecutive days, with a total scale exceeding 62.2 billion yuan, ranking first among similar products [1][2]. Industry Overview - The securities industry is expected to deepen reforms during the "14th Five-Year Plan" period, focusing on building a strong financial nation [1]. - The China Securities Regulatory Commission (CSRC) plans to introduce a refinancing framework to broaden merger and acquisition channels and promote the integration of listed companies [1]. - Reforms will also include optimizing listing standards to support emerging enterprises and promoting the high-quality development of the Beijing Stock Exchange [1]. Market Outlook - The capital market reforms will emphasize the development of direct financing through equity and bonds, fostering high-quality listed companies, and expanding high-level institutional openness [1]. - The industry is anticipated to benefit from a liquidity-rich environment and policy support, with long-term growth potential for the brokerage sector due to increased market activity and reform dividends [1]. - It is expected that the capital market's activity level will remain high, suggesting a focus on the largest and most liquid securities ETF (512880) to seize investment opportunities in the securities sector [1].