高低切？证券保险为何是备受重点关注的方向？

Group 1 - The core trend in the A-share market is a "high-low cut" strategy, with high-growth sectors like AI reaching crowded levels, prompting a shift towards undervalued cyclical assets, particularly in the securities and insurance industries, which are seen as stable and profitable options [1] - The current signal indicates a need for funds to shift from high to low, as the AI sector's fund allocation exceeds 40%, nearing historical extremes, while non-bank sectors are undervalued and poised for growth [1][2] - The securities sector has a PE ratio of 13.1, placing it in the 12th percentile of its valuation over the past decade, indicating a significant valuation advantage compared to other sectors like consumption and technology [6][7] Group 2 - The securities industry has shown strong performance, with a 66% year-on-year increase in net profit for 43 listed brokers in the first nine months of 2025, driven by multiple business segments [9][10] - The insurance sector is experiencing a favorable environment with a 12% year-on-year growth in life insurance premiums, supported by increased demand for savings-type products [15][17] - The securities insurance ETF (512070) offers a convenient investment solution, with a significant portion of its assets in the insurance sector and strong liquidity, making it an attractive option for investors seeking stable opportunities [20]