证券ETF（512880）收涨近1%，非银金融估值修复预期受关注

Core Viewpoint - The non-bank financial sector is currently undervalued, with a significant potential for valuation recovery as the price-to-book (PB) ratio has declined faster than the return on equity (ROE) from 2021 to 2023 [1] Group 1: Non-Bank Financial Sector - The valuation level of the non-bank financial industry is below the long-term trend, indicating a large room for recovery [1] - The basic fundamentals are expected to bottom out in 2024, leading to noticeable recovery and increased price elasticity [1] - The new regulations for public funds may lead to a return to benchmark styles, with banks and non-banks likely to see a flow of funds back into these sectors [1] Group 2: Brokerage Sector - Despite weak excess returns over the past year, the current valuation remains low, and a breakthrough in the index could trigger a beta rally [1] - Industry mergers and acquisitions are expected to provide thematic opportunities within the brokerage sector [1] Group 3: Insurance Sector - The insurance sector is likely to benefit from policy catalysts, such as the reduction of equity investment risk factors by insurance funds, and improvements in fundamentals [1] - This sector is expected to demonstrate elasticity ahead of others due to these factors [1] Group 4: Securities ETF - The Securities ETF (512880) tracks the securities company index (399975), which includes listed companies in the securities industry, reflecting the overall performance of the sector [1] - The index has a high industry concentration and effectively captures market dynamics and performance trends within the securities industry [1]