关注证券ETF（512880）投资机会，政策与资金面改善逻辑受关注

Core Viewpoint - The current enhancement in the allocation value of the securities industry is supported by three main factors: policy, funding, and internal transformation [1] Policy Support - The policy direction of "activating the capital market" is clear, with ongoing measures such as the deepening of the registration system, optimization of trading mechanisms, and the introduction of medium- and long-term funds, which directly expand the business space for securities firms in investment banking, brokerage, and asset management [1] Funding Environment - The recovery of market confidence has led to increased trading activity and a rebound in margin financing, coupled with the expected influx of incremental funds from pensions and insurance, providing a flexible foundation for the performance of securities firms [1] Internal Transformation - The industry is focusing on developing high value-added businesses, particularly in wealth management and institutional services, optimizing revenue structures, and enhancing profitability stability [1] - Securities firms benefit not only from the market recovery's Beta elasticity but also possess unique Alpha growth potential due to successful transformation, leading to improved profit quality [1] Profit Outlook - The combined effects of policy expectations, improved funding conditions, and internal growth dynamics enhance the certainty of profit prospects for the securities sector, making it currently attractive for allocation [1] Securities ETF - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects representative stocks from listed securities companies in the A-share market, covering brokerage, investment banking, and asset management sectors to reflect the overall market performance of the securities industry [1]