沪指突破10年新高，证券ETF（512880）午后涨超3%

Core Viewpoint - The A-share market is experiencing a significant rally, with the Shanghai Composite Index breaking through the previous high of 4034.08 points, marking a 10-year high, driven by strong trading activity and positive macroeconomic policies [3]. Market Activity - On January 6, the Shanghai Composite Index surpassed the previous high of 4034.08 points, indicating a robust market opening and a potential continuation of the bullish trend [3]. - The trading volume in the A-share market has shifted from "frozen low volume" to "moderately active," with a notable increase in trading activity since late September 2024 [3]. - Daily trading volume reached 40.68 trillion yuan on October 8, 2024, igniting market enthusiasm [3]. - By the fourth quarter of 2025, market trading volume stabilized between 2 trillion and 3 trillion yuan, indicating a new, higher level of market activity [3]. Margin Trading - Since October 8, 2024, the margin trading balance has reversed its downward trend, indicating a fundamental shift in market sentiment and risk appetite [6]. - The margin trading balance increased from approximately 2 trillion yuan in early August 2025 to a historical high of 25.55 trillion yuan by December 30, 2025, reflecting strong confidence from leveraged funds [6]. - The margin trading market is expected to transition from a "high-speed expansion phase" in 2025 to a "high-quality growth phase" in 2026, with continued growth in balance but driven by deeper market participation [6]. Securities Sector - The Securities ETF (512880) has surpassed 58 billion yuan in size, ranking first among similar products, highlighting the strong beta characteristics of the brokerage sector [7]. - The brokerage sector is expected to leverage high trading volumes and normalized equity financing to demonstrate performance elasticity, with valuations likely to recover as capital market reforms and macro liquidity improve [9].