政策+资金面共振，非银估值修复可期，证券ETF龙头(159993)涨近1%

Group 1 - The chairman of the China Securities Regulatory Commission (CSRC) announced on December 18 that the capital market's "14th Five-Year Plan" will be solidly advanced, aiming to deepen comprehensive reforms in investment and financing, and steadily expand high-level institutional openness, which is expected to enhance the long-term development quality and activity of the capital market [1] - As of December 19, the leading securities ETF (159993.SZ) rose by 0.77%, and its related index (399437.SZ) increased by 0.88%. Key constituent stocks such as Dongfang Caifu rose by 1.14%, CITIC Securities by 0.95%, Industrial Securities by 2.10%, Huatai Securities by 0.96%, and Guotai Junan by 1.16% [1] - Shanxi Securities highlighted that the Central Economic Work Conference has set the tone for capital market reform, emphasizing the continuous deepening of investment and financing reforms, with the new "National Nine Articles" as the core of the "1+N" policy accelerating implementation to promote medium- and long-term capital inflow into the market [1] Group 2 - Shanxi Securities also mentioned that the CSRC recently issued a draft for public consultation on the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds," aiming to comprehensively standardize fund sales behavior, with clear requirements on promotional language, performance display, and live marketing to prevent financial risks [1]