连续3日“吸金”累计超1.5亿元，券商ETF（159842）飘红，机构：春季躁动有望打开券商估值修复窗口期

Core Viewpoint - The A-share market shows mixed performance with the securities sector slightly up, indicating a potential recovery in market activity and investor interest in the sector [1] Group 1: Market Performance - The three major A-share indices opened with mixed results, while the securities sector opened slightly higher [1] - The broker ETF (159842) rose by 0.09%, with notable gains from stocks like Zhongtai Securities, Huatai Securities, and others [1] - The broker ETF has seen a net inflow of over 150 million yuan in the last three days, reflecting growing investor confidence [1] Group 2: Regulatory Environment - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to create a more attractive environment for long-term investments, aiming to enhance the market for various long-term funds [1] - The focus is on establishing a long-term assessment mechanism to improve the scale and proportion of investments in A-shares [1] Group 3: Industry Outlook - GF Securities predicts that as market activity increases, brokerage performance will improve, although valuations remain stagnant [1] - By 2026, with expectations of a slow bull market and favorable policies, the industry's return on equity (ROE) is expected to rise, potentially attracting institutional funds and enhancing valuation elasticity [1] - The overall sentiment in the securities industry is expected to continue improving, with a potential valuation recovery window opening in the spring [1]