（文章来源：21世纪经济报道） 消息面上，日前，央行会议明确指出，要落实落细适度宽松的货币政策，引导金融机构加大货币信贷投 放力度，用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资 本市场稳定。 开源证券研报指出，三季度交易活跃度和两融规模提升明显，叠加低基数，券商三季报业绩同比增速有 望进一步扩大。展望未来，投行、衍生品和公募业务等业务有望接续改善，头部券商海外业务崛起和内 生增长导向有望驱动本轮头部券商ROE扩张，板块估值仍在低位，机构仍有配置空间，继续看好券商板 块战略性配置机会，关注三季报和政策事件催化。 9月29日，A股全天震荡走强，三大指数集体上涨，沪深两市成交额连续第13个交易日突破2万亿。从板 块来看，券商概念股集体大爆发，广发证券、华泰证券、国盛金控涨停，湘财股份、东方证券、东吴证 券等纷纷走强。 ...

Market Overview - On September 29, A-shares saw all three major indices rise, with the ChiNext Index and Shenzhen Component Index both increasing by over 2%. The Shanghai Composite Index closed at 3862.53 points, up 0.90% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 146 billion yuan compared to the previous trading day. A total of 3579 stocks rose, with 69 hitting the daily limit, while 1660 stocks declined [3] Sector Performance - The brokerage and precious metals sectors led the market gains, with the brokerage sector rising by 4.89% and the precious metals sector increasing by 4.3%. The new energy vehicle sector also saw gains, while coal, energy, banking, and pharmaceutical sectors experienced corrections [3][8] - In the brokerage sector, notable stocks included Huatai Securities and GF Securities, both of which saw significant increases, with GF Securities rising by 10.02% [5][6] Precious Metals - The precious metals sector experienced a strong performance, with spot gold breaking through the $3810 mark, reaching a new historical high. As of the report, spot gold was priced at $3813.93 per ounce, up 1.47% for the day [9][11] - Key stocks in the precious metals sector included Shengda Resources, which hit the daily limit, and Zhaojin Mining, which rose over 6% [9][10] Solid-State Battery Sector - The solid-state battery index saw a strong rally, with the lithium battery electrolyte concept sector rising by 7.69%. Notable stocks included Yiwei Lithium Energy, which increased by 8.3%, and Ganfeng Lithium, which rose by 7.83% [15][17] - The advancements in solid-state battery technology were highlighted by research from Tsinghua University, which developed a new type of fluorinated polyether electrolyte, enhancing ionic conductivity [18]

华西证券则指出，看好证券行业服务资本市场投融资的中介功能，以及居民权益类资产配置比例提升的 方向。在活跃资本市场的背景下，看好四季度资本市场以及券商板块表现。 以锂电为代表的新能源板块走强，华盛锂电（688353.SH）涨12.41%，天赐材料（002709.SZ）、科达 利（002850.SZ）涨10%，亿纬锂能（300014.SZ）、宁德时代（300750.SZ）大涨。 光伏概念亦表现不俗，易成新能（300080.SZ）涨20%，艾罗能源（688717.SH）涨超10%，上能电气 （300827.SZ）、阳光电源（300274.SZ）大涨。 9月29日，三大指数集体上涨，截至收盘，沪指涨0.9%，深成指涨2.05%，创业板涨2.74%，科创50指数 涨1.35%。两市超3400只个股上涨，沪深两市今日成交额约2.16万亿元。 被视为牛市旗手的券商板块颇为强势，其中，广发证券（000776.SZ）、华泰证券（601688.SH）、国盛 金控（002670.SZ）涨10%，东方证券（600958.SH）、中信证券（600030.SH）大涨。 开源证券则表示，三季度交易活跃度和两融规模提升明显，叠加低基数，券商 ...

本报记者 周尚伃 近期，A股市场交投活跃度持续走高，两融余额维持在高位水平，叠加上市券商三季度业绩有望继续向好，多重利好因素共同作用下，证券行业景气度显 著回升，素有"牛市旗手"之称的证券板块频繁异动。 "季度切换在即，积极布局回调后的非银板块。"民生证券研究院非银金融首席分析师张凯烽表示，资本市场回稳向好，市场交投活跃度保持高位，两融余 额扩大，券商业绩修复趋势有望延续。中国香港股票与债券市场相关制度优化调整，有望拓展内地非银机构南向投资机会。建议关注头部券商标的。 | 1311 J NJ F | 28.15 | +8.02% +4.69% | | --- | --- | --- | | 融 300059 | | | | 人气龙头 3 | | | | 东方证券 | 11.57 | +7.93% +9.98% | | 融 600958 | | | | 国信证券 | 14.35 | +7.73% +7.09% | | 融 002736 | | | | 东吴证券 | 9.98 | +7.43% +6.16% | | 融 601555 | | | 与此同时，港股中资券商板块爆发，截至记者发稿时，板块涨幅已超10%。 ...

证券ETF(159841)及其联接基金(A:008590,C:008591)跟踪中证全指证券公司指数，最新规模为94.37亿 元，一键打包优质上市券商，其中近6成仓位集中于十大龙头券商，另外4成仓位兼顾中小券商的业绩高 弹性，是9·24行情爆发以来的"牛市旗手"的代表，2024年9月24日-10月8日，累计涨幅超50%。 在两融余额攀升至2.4万亿的历史高位、A股成交额维持日均1.6万亿元成交，叠加流动性宽松的情况 下，7、8月居民存款连续两个月同比少增，非银存款连续两月同比多增，或与存款搬家进入股市有关。 随着8月A股新开户数持续高增，证券板块依旧受益于股市活跃。 消息面上，央行三季度例会指出，用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常 态化的制度安排，维护资本市场稳定。 今日A股的证券板块大爆发，国盛金控涨停创历史新高，华泰证券涨停，广发证券涨超9%，带动证券 ETF（159841）涨5.33%。 作为"9·24"反弹先锋的证券板块，近期表现持续低迷，证券ETF（159841）自高点回撤逾10%，而资金 坚定博弈底部反弹机遇，"越跌越买"态势不减，已连续25个交易日净流入，净流入额高达3 ...

Core Viewpoint - The A-share market is experiencing a rebound, with significant trading activity and a notable inflow of funds into the securities sector, indicating a potential bottoming out and recovery opportunity for investors [1][2]. Group 1: Market Performance - The A-share market showed a strong performance with a half-day trading volume of 1.4 trillion, marking the 85th consecutive trading day with over 1 trillion in total trading volume [1]. - The securities sector, particularly the securities ETF (159841), has seen a decline of over 9% from its peak, yet it has attracted continuous net inflows for 22 consecutive trading days, totaling 3.516 billion [1]. Group 2: Fund Inflows and Investor Behavior - The recent increase in fund inflows is attributed to positive changes in the industry fundamentals, including a decrease in resident deposits and an increase in non-bank deposits, suggesting a shift of funds from savings to the stock market [2]. - The number of new A-share accounts opened in August has surged, with the average daily trading volume reaching 2.25 trillion, surpassing levels seen in September 2024 and June 2015, supporting the trend of residents moving deposits into the market [2]. Group 3: Securities Industry Performance - The securities industry reported a net profit increase of over 40% year-on-year in the first half of the year, with expectations for continued growth in brokerage business as market trading volumes rise [2]. - The total market size of ETFs has exceeded 5.3 trillion, reflecting an increase of over 2.4 trillion, or 85.36%, since the initiation of the "9.24" market rally, highlighting the growing popularity of ETFs as a primary investment tool for residents [2]. Group 4: ETF Characteristics and Opportunities - The securities ETF (159841) is designed to package high-quality listed brokerages, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while the remaining 40% includes smaller brokerages with high earnings elasticity [2]. - Since the outbreak of the "9.24" market rally, the ETF has shown a cumulative increase of over 50% from September 24 to October 8, indicating strong offensive potential for investors looking to capitalize on long-term opportunities in the securities sector [2].

Group 1 - The Securities ETF (159841) has seen significant trading activity, with a single-day transaction volume reaching 1.04 billion yuan and a total volume of 10.48 billion yuan on September 18 [2] - The latest scale of the Securities ETF has surpassed 9 billion yuan, reaching 9.021 billion yuan, with the latest share count at 8.084 billion, both marking new highs since inception [2] - The Securities ETF has experienced continuous net inflows over the past 19 days, accumulating a total of 3.29 billion yuan [2] Group 2 - The A-share market has shown increased activity, with total trading volume exceeding 3 trillion yuan, reaching 3.17 trillion yuan on September 18 [3] - There is a noticeable "see-saw" effect between resident deposits and non-bank deposits, indicating a shift in asset allocation among residents, with a trend towards investing in the equity market [3] - The brokerage industry is expected to see a recovery in valuation and performance, supported by increased market activity and favorable regulatory conditions [3]

Core Viewpoint - Recent pullback in brokerage stocks has led to a continuous influx of capital into securities ETFs, indicating investor interest despite market fluctuations [1][2]. Group 1: Market Performance - From August 25 to September 17, securities ETFs, brokerage ETFs, and Hong Kong securities ETFs experienced a decline of 5% [2]. - Over 33.7 billion yuan has flowed into securities-themed ETFs during this period, with specific inflows of 13.116 billion yuan into securities ETFs, 6.582 billion yuan into brokerage ETFs, and 5.287 billion yuan into Hong Kong securities ETFs [2]. - The A-share market's margin trading balance reached a record high of 2.4054 trillion yuan as of September 17, 2025, marking a continuous increase since August [3]. Group 2: Trading Activity - A-share trading volume has surpassed 1 trillion yuan for 81 consecutive trading days, with 1.5 trillion yuan for 46 days and 2 trillion yuan for 5 days [4]. - In August, the number of new A-share accounts reached 2.65 million, a 35% increase from July, indicating a trend of capital moving from savings into the stock market [4]. Group 3: Financial Performance of Brokerages - In the first half of 2025, 42 listed brokerages reported a 30.8% year-on-year increase in total revenue to 251.9 billion yuan, and a 65.1% increase in net profit to 104.1 billion yuan [4]. - Brokerage net income rose by 44.0% to 63.5 billion yuan, driven by increased trading activity and optimized product structures [5]. - Investment banking revenue increased by 18.1% to 15.5 billion yuan, reflecting a shift towards platform-based operations [5]. Group 4: Cost and Efficiency - The management expense ratio for the 42 listed brokerages decreased by 7.37 percentage points to 50.8% [5]. - Credit impairment losses rose by 37.4% to 620 million yuan, indicating a gradual shift in cost trends [5]. Group 5: Market Outlook and Recommendations - Market recovery is expected to enhance beta elasticity, with an improved asset allocation structure likely to drive valuation increases [6]. - The brokerage sector's price-to-book ratio stands at 1.58, within the 43.84% percentile over the past decade, suggesting potential for further investment [7]. - Recommended stocks include Nanhua Futures, Bank of China Securities, and others, with a focus on both short-term and long-term opportunities in the brokerage sector [7].

Market Overview - The market has returned to previous highs, with the Hang Seng Index reaching a new high for the year, while the Hang Seng Tech Index has not yet surpassed its previous high [1] - Both Chinese and US markets are currently stable, awaiting significant trading events in the coming week [2] - The 10-year treasury yield at 1.8% has seen increased institutional buying, indicating ongoing liquidity pressure [1] Investment Strategy - The overall judgment of "stock market oscillation upward" continues, with a focus on marginal funds and pricing direction this week [1] - Three key investment directions are suggested: 1. Small-cap growth manufacturing sectors benefiting from easing policies (robotics, new energy, machinery) [1] 2. Cyclical sectors such as real estate and dividends [1] 3. Undervalued sectors like pharmaceuticals that continue to attract active funds [1] Hot Topics - Various ETFs are highlighted for different investment strategies, including: - High-tech ETFs focused on artificial intelligence and innovation [2] - Financial technology ETFs and brokerage ETFs as part of a bull market strategy [2] - ETFs related to food and internet sectors for recovery plays [2] - The market's structural expectations are anticipated to clarify during the upcoming trading week [2] Global Context - The upcoming Federal Reserve meeting and new rounds of negotiations between China and the US are key global focus points [2] - There is a notable contrast between global easing expectations and domestic liquidity conditions [2]

Core Viewpoint - The A-share market indices showed strong fluctuations today, with brokerage stocks leading the rise, pushing the Shanghai Composite Index towards the 3900-point mark [1] Group 1: Market Performance - The brokerage sector saw significant gains, with Guohai Securities hitting the daily limit, Changjiang Securities rising over 6%, and Pacific Securities increasing more than 4% [1] - The "bull market leader" Securities ETF (159841) experienced a sharp rise, at one point increasing over 3% during trading [1] Group 2: Fund Flows and ETF Growth - According to Wind data, the Securities ETF (159841) has attracted continuous capital inflow for 13 consecutive trading days, with product shares surpassing 7 billion and total scale exceeding 8 billion, setting new records [1] Group 3: Industry Outlook - Institutions indicate that while the equity market has been rising since the beginning of the year, the brokerage index has not recovered as much as the broader market, with large brokerages still valued at historically low levels [1] - With stable upward returns on equity assets, increasing stock trading volumes, and continuous breakthroughs in margin financing, the brokerage sector is entering a strong recovery phase, with expectations for sustained performance growth and valuation recovery [1] - The brokerage sector is characterized by strong beta attributes, closely linked to capital market performance, and has historically outperformed the broader market during market rebounds [1]