Mei Ri Jing Ji Xin Wen·2025-11-21 01:59Group 1 - The core viewpoint of the article highlights the impact of the announcement by China International Capital Corporation (CICC) regarding the proposed stock swap merger with Xinda Securities and Dongxing Securities, which led to significant fluctuations in the brokerage sector [1] - Despite the brokerage sector's underperformance in the short term, there is a bullish outlook from a medium to long-term perspective, with expectations of a divergence between stock prices and earnings since 2025 [1] - The brokerage ETF (159842) saw a net inflow of 217 million yuan and an increase of 18.6 million shares, indicating investor interest despite the overall market downturn [1] Group 2 - The brokerage ETF (159842) tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities companies' stocks to reflect the overall performance of the industry [1] - The recent merger activity is viewed as a potential catalyst for market momentum, while long-term observations will focus on supply-side adjustments and their effects on the return on equity (ROE) of leading companies [1]