Venture(US:VEMLY) Mei Ri Jing Ji Xin Wen·2025-11-17 15:39Group 1 - The core viewpoint is that the securities industry is expected to be active in 2025, with a significant rise in the equity market, particularly the ChiNext Index, which has increased by 48.84% from January to October, outperforming the CSI 300 Index (+17.94%) and the Shanghai Composite Index (+17.99%) [1] - After the implementation of asset management regulations, the scale of securities firms' asset management has stabilized, with a year-on-year growth of 25% in collective asset management scale, indicating a clear trend towards active management transformation [1] - The favorable equity market has led to an increase in the proprietary trading income of securities firms, with the technology growth sector represented by the ChiNext 50 becoming a key investment direction [1] Group 2 - The rapid development of ETFs provides new opportunities for securities firms in wealth management transformation, with the scale of ChiNext 50-related ETFs growing quickly, and securities firms holding a significant 58% share in the distribution of equity products [1] - Overall profitability in the industry has improved, with listed securities firms reporting a 62% year-on-year increase in net profit attributable to shareholders in the first three quarters, significantly driven by sectors like technology and pharmaceuticals, which have a high weight in the ChiNext 50 [1] - The ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which includes 50 stocks with high average daily trading volumes, focusing on high-growth sectors such as power equipment and biomedicine, serving as an important indicator of the development trends in China's emerging industries [1]