沪指罕见13连阳，香港证券ETF易方达涨超5%，证券ETF易方达、证券指数ETF、保险证券ETF涨超4%

Group 1 - The A-share and Hong Kong stock markets continue to rise, with the Shanghai Composite Index achieving a rare 13 consecutive days of gains, marking the longest streak in history and reaching a new high in over a decade [1] - Over 4,100 stocks in the market increased in value, with 143 stocks hitting the daily limit up, and the trading volume in the Shanghai and Shenzhen markets reached 2.81 trillion yuan, an increase of 260.2 billion yuan from the previous trading day [1] - Major brokerage stocks surged, with the Hong Kong Securities ETF from E Fund rising over 5%, and various other securities ETFs also seeing gains of over 4% [1] Group 2 - Open Source Securities indicates that regulatory policies are entering a "positive" cycle, with brokerage investment banking, public funds, and overseas businesses expected to support the profitability of the securities industry by 2026 [2] - The brokerage sector is currently undervalued, and institutional holdings remain low, presenting an opportunity for investment as performance forecasts and policy developments are likely to act as catalysts [2] Group 3 - Hualong Securities believes the securities industry is entering a phase of profound structural change and a shift in growth momentum, with regulatory support for the development of equity public funds and index investment [3] - Large brokerages with clear merger strategies, sufficient capital, and strong subsidiary synergies are expected to stand out during industry consolidation, reshaping the competitive landscape [3] - The industry is accelerating its structural transformation towards a synergy of light and heavy asset businesses, with brokerage, asset management, and investment banking forming organic links to enhance profitability without significantly increasing capital usage [3]