险资入市打开空间，低估值的券商ETF基金(515010)冲击三连阳

Core Viewpoint - A-shares index collectively rose on December 8, with CPO and OCS concepts leading the gains, while coal mining and phosphate chemical sectors lagged behind. The financial technology and securities sectors showed relative strength, but the gains narrowed slightly as the day progressed [1]. Group 1: Market Performance - As of 14:17, the broker ETF fund (515010) increased by 2.56%, with Industrial Securities hitting the daily limit up with an 8.75% rise. Northeast Securities, Huatai Securities, and Haitong Securities also saw significant gains [1]. - The financial technology ETF from Huaxia (516100) rose by 1.27%, marking its third consecutive day of gains, with holdings like Yingshi Sheng surging by 13% [1]. Group 2: Regulatory Changes - The recent notice from the Financial Regulatory Bureau regarding adjustments to insurance companies' risk factors aims to enhance long-term investment management capabilities. This adjustment allows insurance companies to improve capital efficiency and invest more funds into the capital market, thereby opening up further space for insurance capital to enter the market [1]. Group 3: Valuation Insights - As of December 5, the TTM P/E ratio of the securities company index was 17.09, close to the 13.53% percentile of the past decade, indicating a historical low valuation [1]. - The current fundamentals of the brokerage sector are favorable, and with a significant underperformance this year, there is potential for a rebound as the market continues to rise, benefiting brokerage firms as intermediaries in capital market financing [1]. Group 4: ETF Details - The broker ETF fund (515010) tracks the securities company index (code 399975), with the top ten constituent stocks accounting for 60.23% of the weight, including leading brokerages like CITIC Securities and Dongfang Wealth. This provides investors with a low-cost option to gain exposure to the brokerage sector, with a total management and custody fee rate of 0.2%, the lowest in the sector [2].