证券ETF（512880）回调超1%，市场回暖催化行业景气，回调或可布局

Core Insights - The securities industry is expected to see a month-on-month increase in trading volume by January 2026, with the average daily trading volume of stock funds reaching 34,578 billion yuan, a rise of 58.18% compared to the previous month [1] - The margin financing and securities lending balance has increased by 49.27% year-on-year, indicating a positive trend in market activity [1] - A favorable policy environment is highlighted by the China Securities Regulatory Commission's release of guidelines for the performance comparison benchmarks of publicly offered securities investment funds, aimed at standardizing performance management [1] - The industry transformation is anticipated to create new business growth opportunities, benefiting brokerage, investment banking, and capital intermediary services due to market recovery [1] - The average predicted price-to-book (PB) ratio for the sector in 2026 is 1.2 times, suggesting that quality and distinctive securities firms are likely to stand out given the positive development policies [1] - The Securities ETF (512880) tracks the securities company index (399975), which includes listed companies involved in securities brokerage, underwriting, and asset management, reflecting the overall performance of the securities industry [1] - The constituent stocks of the index are primarily large comprehensive securities firms, which possess significant market influence and represent cyclical industry characteristics [1]