证券ETF（512880）近60日资金净流入超12亿元，规模同类第一，把握配置机会

Group 1 - The core viewpoint is that the "technology narrative" in the A-share market is becoming increasingly clear, with insurance funds expected to continue allocating to high-dividend assets, supporting the ongoing narrative of "technology + high dividends" in China's stock market [1] - The brokerage industry is shifting from a scale-oriented approach to a function-prioritized model, enhancing its role in supporting the real economy, with leading firms encouraged to moderately increase leverage while smaller firms need to develop differentiated strategies [1] - The overall industry focus will be on stabilizing and promoting the market, optimizing asset allocation for residents, and improving professional service capabilities [1] Group 2 - Looking ahead, the A-share market is expected to remain active, with the securities industry likely to demonstrate performance resilience due to high trading volumes, normalized equity financing, and a continued recovery in the capital market [1] - Industry valuations are anticipated to recover as capital market reforms progress and macro liquidity improves, with attention on leading securities ETFs (e.g., 512880) to seize investment opportunities [1] - As of December 9, 2025, the scale of the securities ETF is 57.006 billion, ranking first among 21 similar products [1]