券商板块进入量化信号与资金面共振配置窗口，证券ETF嘉实(562870)深度覆盖证券行业龙头

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to optimize risk control indicators and expand leverage limits for securities firms, which may enhance the return on equity (ROE) ceiling for quality brokerages as new policies are implemented [1] Group 1: Market Performance - As of December 9, 2025, the CSI All Share Securities Company Index has decreased by 0.93%, with leading declines from firms such as Industrial Securities and Guosen Securities [1] - The top ten weighted stocks in the CSI All Share Securities Company Index account for 60.23% of the index, including firms like East Money Information and CITIC Securities [1] Group 2: Regulatory Developments - The CSRC Chairman announced at the 8th Member Congress of the China Securities Industry Association plans to appropriately widen the capital space and leverage limits for brokerages, aiming to improve capital efficiency [1] - Following the revision of the risk control indicators in September 2024, this regulatory move is expected to further optimize risk control measures and open up leverage restrictions [1] Group 3: Investment Opportunities - Zheshang Securities indicates that the brokerage sector is entering a configuration window with quantitative signals and capital resonance, suggesting a potential upward trend in the market [1] - Recent data shows significant inflows of main capital at the bottom, indicating a bullish divergence that may guide future price increases [1]