Xin Lang Cai Jing·2025-11-21 09:24Core Viewpoint - The A-share market experienced a significant decline on November 21, with over 5,000 stocks falling, leading to a 2.45% drop in the Shanghai Composite Index, which fell below 3,900 points, and a 4.02% drop in the ChiNext Index [1] Group 1: Market Performance - The securities sector followed the market trend, with the leading securities ETF (560090) dropping 3.45%, reflecting a bearish sentiment with two consecutive days of decline [1] - Despite the overall market downturn, the securities ETF (560090) attracted over 100 million yuan in capital inflow over the past five days, indicating active buying interest [1] Group 2: Securities Sector Analysis - Nearly all component stocks of the securities ETF (560090) experienced declines, with notable drops including over 5% for Industrial Securities and over 4% for Huatai Securities and GF Securities [3] - The securities sector has seen a slight decline of 0.79% year-to-date, but the net profit growth for the first three quarters reached 62%, highlighting its high growth potential despite current low valuations [5] Group 3: M&A Activity and Future Outlook - The recent merger activity, particularly the absorption of Dongxing Securities and Xinda Securities by China International Capital Corporation (CICC), is expected to reignite investor interest in securities stocks [6][7] - Analysts are optimistic about the long-term growth potential and valuation recovery of the securities sector, driven by active market trading and a stable capital market environment [7][8]