证券ETF（512880）涨超0.5%，近5日净流入超3.4亿元，新一轮居民存款搬家启动，夯实市场慢牛基础

Core Viewpoint - The recent increase in the Securities ETF (512880) by over 0.5% and a net inflow of over 340 million yuan in the past five days indicates the initiation of a new round of resident deposit migration, which solidifies the foundation for a slow bull market [1] Group 1: Resident Deposit Migration - The current round of resident deposit migration is still in its early stages, with the growth rate of resident deposits decreasing from a high of 6.1% in October 2023 to 1.5% in October 2025, but it has not turned negative [1] - The low interest rate environment and the profit-making effect in the equity market are the main drivers of this new round of resident deposit migration [1] - Historical analysis shows that previous rounds of resident deposit migration often coincide with the start of bull markets, suggesting that there is still significant room for resident funds to enter the market [1] Group 2: Market Dynamics - As of the end of October 2025, the balance of resident deposits relative to the total market value of A-shares is only 1.53 times, indicating that resident funds have not yet entered the market in a trend-driven manner [1] - If the ratio of resident deposits to A-share total market value is estimated at 0.8 times, the 163 trillion yuan in resident deposits corresponds to a total A-share market value exceeding 200 trillion yuan [1] - Regulatory support for high-quality development and the slow bull market are expected to drive trading volume to new heights, with continuous improvement in the fundamentals of the brokerage sector [1] Group 3: Securities ETF Overview - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies closely related to the securities market from the Shanghai and Shenzhen markets [1] - This index covers core financial service areas such as brokerage, investment banking, and asset management, reflecting the overall performance of listed companies in the securities industry [1] - The index has a high industry concentration and market representativeness, effectively tracking market dynamics in the securities sector [1]