Industrial Securities(SH:601377) Xin Lang Cai Jing·2025-12-08 02:45Core Viewpoint - The Chinese Securities Association's recent meeting indicates a shift towards differentiated regulation for securities firms, focusing on optimizing evaluation metrics for quality institutions while exploring tailored policies for smaller and foreign firms [1][2]. Group 1: Regulatory Changes - The regulatory framework will enhance classification supervision, optimizing evaluation metrics for quality institutions and moderately expanding capital space and leverage limits [1]. - For smaller and foreign institutions, differentiated regulatory policies will be explored to promote specialized development [1]. - Problematic institutions will face stricter legal supervision [1]. Group 2: Market Performance - As of December 5, 2025, the Securities ETF Pioneer (516980) has seen a net value increase of 29.47% over the past three years [1]. - The ETF's highest single-month return since inception was 39.27%, with the longest consecutive monthly gains being four months and a maximum increase of 28.40% [1]. - The average monthly return during the rising months was 7.11% [1]. Group 3: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Securities ETF Pioneer is 16.97, which is in the 4.44% percentile over the past year, indicating a valuation lower than 95.56% of the time in the last year [1]. - There is a significant divergence between the performance and valuation of brokerage firms, with some leading firms' price-to-book ratios remaining below the 20% percentile over the past three years [2]. Group 4: Future Outlook - The China Securities Regulatory Commission's proposal to "loosen" restrictions for quality institutions is expected to shift the industry's focus from scale to risk pricing and from license benefits to professional operations [2]. - This shift is anticipated to be a significant benefit for leading brokerage firms and a catalyst for valuation recovery in the sector [2].