1月5日，沪深两市集体拉升，沪指时隔34个交易日重回4000点。截至10点30分，券商ETF（159842）涨 1.39%，热门个股中，华林证券涨超4%，广发证券涨超3%，华泰证券涨超2%，招商证券、东方财富、 中国银河等涨超1%。 开源证券研报指出，监管政策进入"积极"周期，券商投行、公募基金和海外业务有望接棒传统业务，支 持证券行业2026年盈利景气度，当下券商板块估值和机构持仓仍在低位，过往一年整体滞涨，看好券商 板块开年布局机会，短期看业绩预告和政策端有望带来催化。 国金证券建议继续重点关注春季躁动行情下低估值券商的补涨机会，强烈推荐估值及业绩错配程度较大 的优质券商。 券商ETF（159842）紧密跟踪中证全指证券公司指数，前十大重仓股包括中信证券、东方财富、国泰海 通等龙头券商。当前管理费率仅0.15%、托管费率为0.05%，不仅是跟踪中证全指证券公司指数的ETF产 品中费率最低的ETF之一，也属于行业最低费率组合，有效降低了投资者的持有成本！ 风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> ...

Group 1 - The A-share market continues to strengthen, with the Shanghai Composite Index reaching a ten-year high of 3999.07 points on October 27 [1] - The Securities ETF (159841) recorded a 1.23% increase, marking three consecutive days of gains, with a trading volume exceeding 760 million yuan [1] - The ETF saw a net inflow of over 315 million yuan last week, ranking first among similar products in the Shenzhen market [2] Group 2 - The People's Bank of China announced a 900 billion yuan medium-term lending facility (MLF) operation to maintain liquidity, resulting in a net injection of 200 billion yuan for the eighth consecutive month [2] - The current market has not yet reached historical highs in new account openings, indicating potential for further growth in trading sentiment and brokerage business [2] - The Securities ETF still has nearly 11% upside potential compared to the previous market peak, ranking lower among all Shenwan一级行业 comparisons [2][3] Group 3 - The new public offering regulations have validated the logic of reallocating investments in the brokerage sector, driven by liquidity easing, favorable policies, and discrepancies between performance and valuation [3]