Ge Long Hui A P P·2025-11-20 02:37Group 1 - The core viewpoint of the articles highlights a significant positive movement in the securities sector, with the Southern Securities ETF (512900) rising by 0.75% and showing a year-to-date increase of 5% alongside a net inflow of 317 million yuan in the fourth quarter [1] - Three major brokerages, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, announced major asset restructuring, leading to their suspension from trading for up to 25 trading days [1] - Despite a divergence between brokerage performance and stock prices, the brokerage sector has shown strong earnings growth, with a 41.1% year-on-year increase in revenue and a 62.0% increase in net profit attributable to shareholders in the first three quarters [1] Group 2 - The combined total assets of the three brokerages post-merger will reach 1.01 trillion yuan, positioning them as the fourth-largest brokerage in the industry and injecting expectations of "merger premiums" into the sector [1] - The Southern Securities ETF focuses on industry leaders and specialized brokerages, including internet brokerage leader East Money and comprehensive investment bank CITIC Securities, with a combined weight of 4.08% from CICC, Xinda Securities, and Dongxing Securities [1] - According to Zhonghang Securities, the average daily trading volume in the stock market has significantly increased year-on-year, and the margin financing balance has reached new highs, reinforcing the earnings certainty of the brokerage sector and suggesting a potential for valuation recovery [2]