沪指重回4000点！看好券商板块开年布局机会，券商ETF（159842）盘中涨超1%！

Core Viewpoint - The Shanghai and Shenzhen stock markets experienced a collective rise, with the Shanghai Composite Index returning to 4000 points after 34 trading days, indicating a positive shift in market sentiment towards the securities industry [1] Group 1: Market Performance - As of 10:30 AM, the broker ETF (159842) increased by 1.39%, with notable gains in individual stocks such as Huayin Securities rising over 4%, GF Securities over 3%, and Huatai Securities over 2% [1] - Major brokerages like China Galaxy, Orient Securities, and others also saw increases exceeding 1% [1] Group 2: Industry Outlook - Open Source Securities' report highlights that regulatory policies are entering a "positive" cycle, suggesting that investment banking, public funds, and overseas business will likely support the profitability of the securities industry through 2026 [1] - The current valuation and institutional holdings in the brokerage sector remain low, with the sector experiencing overall stagnation over the past year, presenting a favorable opportunity for investment at the beginning of the year [1] Group 3: Investment Recommendations - Guotai Junan Securities recommends focusing on undervalued brokerages that may experience a rebound during the spring market rally, particularly those with significant discrepancies between valuation and performance [1] - The broker ETF (159842) closely tracks the CSI All Share Securities Company Index, with its top ten holdings including leading brokerages such as CITIC Securities and Orient Securities [1] Group 4: Cost Efficiency - The current management fee rate for the broker ETF is only 0.15%, and the custody fee is 0.05%, making it one of the lowest fee ETFs tracking the CSI All Share Securities Company Index, effectively reducing the holding costs for investors [1]