证券ETF（512880）飘红，市场关注非银金融估值修复空间

Core Viewpoint - The non-bank financial sector is currently undervalued, with a significant potential for valuation recovery as the PB (Price to Book) ratio has decreased faster than the ROE (Return on Equity) from 2021 to 2023 [1] Group 1: Industry Overview - The non-bank financial sector is expected to benefit from a recovery in the industry fundamentals in 2024, leading to increased stock price elasticity [1] - The public fund regulations may lead to a return of funds to the banking and non-bank sectors, which are currently underweighted in public funds [1] - Non-bank financials are likely to gain more from stable capital market policies, indicating greater potential for elasticity compared to banks [1] Group 2: Brokerage Sector Insights - Despite weak excess returns over the past year, the current valuation of the brokerage sector remains low, with potential for a beta rally if the index breaks through key levels [1] - The theme of mergers and acquisitions within the industry may provide additional opportunities for brokers during the upcoming bull market [1] Group 3: Insurance Sector Analysis - The insurance sector has seen a significant recovery in ROE, although the PB ratio has only slightly improved, suggesting potential for early performance elasticity driven by policy catalysts [1] Group 4: Securities ETF Information - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects representative listed securities companies from the A-share market to reflect the overall performance of the securities industry [1] - The Securities Company Index has high industry concentration and market representation, making it an important indicator for measuring the performance of the securities sector [1]