Xin Lang Cai Jing·2025-12-29 05:17Core Viewpoint - The securities sector is experiencing a weak performance despite the overall market showing signs of strength, with the top ETF for securities facing a decline in price and trading volume [1][3][9]. Group 1: Market Performance - On December 29, the Shanghai Composite Index aimed for a nine-day winning streak, while the securities sector showed volatility, with the top securities ETF (512000) dropping by 0.85% and a half-day trading volume exceeding 700 million yuan [1][7]. - The performance of individual stocks within the securities sector was mixed, with notable gains in Citic Securities, Great Wall Securities, and Huashan Securities [1][7]. Group 2: Sector Analysis - The securities sector has not followed the upward trend of other equity indices, maintaining a relatively weak performance due to both industry fundamentals and market factors [8][9]. - Looking ahead to 2026, the capital market is expected to remain strong, with the securities industry continuing its upward cycle, although the average valuation of the securities sector has limited room for further decline [9]. Group 3: Investment Strategy - Zhongyuan Securities suggests that if the valuation of the securities sector drops to 1.3 times P/B, it would present a good opportunity for re-entry, emphasizing the importance of monitoring policy and market conditions [9]. - Founder Securities indicates that the current slow bull market is still in its early stages, with expectations for improved profitability in the securities sector in 2026, despite the sector's recent underperformance [9]. - The securities ETF (512000) and its linked funds are highlighted as efficient investment tools that track the CSI All Share Securities Index, encompassing 49 listed securities companies [9].