Group 1 - The CSI All Share Securities Company Index decreased by 0.91% as of August 20, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Guosen Securities, which rose by 1.43%, and Guojin Securities, which increased by 1.31% [1] - The latest share count for the Securities ETF managed by Harvest reached 413 million, marking a new high since its inception [2] Group 2 - The Securities ETF experienced a turnover rate of 1.49% during the trading session, with a total transaction value of 6.6252 million yuan [2] - Over the past year, the average daily transaction volume for the Securities ETF was 24.6577 million yuan [2] - The top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the index, with Dongfang Caifu and CITIC Securities being the largest contributors [2][4] Group 3 - Market activity has been robust, leading to an increase in brokerage and proprietary trading revenues, with net profit forecasts for brokerages trending positively [5] - The return on equity (ROE) for brokerages is expected to improve further due to deepening policy benefits and increased market activity [5] - The brokerage sector is anticipated to attract incremental capital allocation as active equity funds currently have lower exposure compared to performance benchmarks [4][5]