ETF盘前资讯|沪指15连阳，两融余额首破2.6万亿元，再创新高！巨资涌入滞涨券商，顶流券商ETF（512000）单日狂揽9.4亿元

Core Viewpoint - The Chinese stock market is experiencing a strong upward trend, with the Shanghai Composite Index achieving a "15 consecutive days of gains" and reaching a new high of 4093.87 points during this bull market [1]. Group 1: Market Performance - The margin trading balance has accelerated, increasing by over 100 billion yuan in just 11 trading days since December 22, 2025 [1]. - The trading volume for margin financing has also been active, exceeding 300 billion yuan for two consecutive trading days [1]. Group 2: Institutional Outlook - Multiple foreign institutions express strong confidence in the potential of the Chinese market for 2026, with Goldman Sachs predicting a 20% increase in the MSCI China Index and a 12% increase in the CSI 300 Index [1]. - UBS forecasts a 14% growth in earnings for the MSCI China Index in 2026 [1]. Group 3: Brokerage Sector - The brokerage sector is expected to benefit from high trading activity and margin financing, supported by policies aimed at stabilizing growth and boosting the capital market [1]. - Recent data shows that the brokerage ETF (512000) has seen a significant inflow of funds, with a net inflow of 1.144 billion yuan over two days [1]. Group 4: Valuation Metrics - The current valuation of the brokerage sector remains at historical lows, with the price-to-book ratio (PB) of the CSI All Share Securities Companies Index at 1.52, which is in the lower 42.86% percentile over the past decade [3]. - This low valuation contrasts sharply with the high growth and performance expectations, indicating a notable disconnect [3]. Group 5: Investment Tools - The brokerage ETF (512000) serves as an efficient investment tool, passively tracking the CSI All Share Securities Companies Index and encompassing 49 listed brokerage stocks [5]. - The ETF has an average daily trading volume exceeding 1 billion yuan this year, making it one of the most liquid ETFs in the A-share market [5].