TF Securities(SH:601162) Mei Ri Jing Ji Xin Wen·2025-12-11 02:49Group 1 - The core viewpoint is that the A-share market's "technology narrative" is becoming increasingly clear, with insurance capital expected to continue allocating to high-dividend assets, supporting the ongoing "technology + high dividend" narrative in China's stock market [1] - The brokerage industry will shift from scale-oriented to function-prioritized services, enhancing support for the real economy, allowing leading institutions to moderately increase leverage, while smaller brokerages need to develop differentiated strategies to create boutique investment banks or specialized service providers [1] - In the insurance sector, a reduction in risk factors will benefit long-term holdings in the CSI 300, CSI Dividend Low Volatility, and STAR Market stocks, which will help enhance equity investment flexibility and guide insurance capital to strengthen long-term investment capabilities [1] Group 2 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects securities companies engaged in brokerage, investment banking, and asset management from the A-share market to reflect the overall performance of related listed companies in the securities industry [1]