Core Viewpoint - The securities sector is experiencing significant growth, with major brokerage firms reporting strong earnings and a favorable market environment, indicating a strategic investment opportunity in this industry [3][4]. Group 1: Market Performance - As of October 29, 2025, the CSI Securities Company Pioneer Strategy Index rose by 2.47%, with notable gains from stocks such as Huazhong Securities (10% limit up), Northeast Securities (up 9.73%), and Changjiang Securities (up 4.98%) [1]. - The Securities ETF Pioneer has seen a 57.26% increase in net value over the past three years, with a maximum monthly return of 39.27% since its inception [3]. Group 2: Earnings and Valuation - For the first three quarters of 2025, 14 brokerage firms reported a combined net profit of approximately 46.726 billion yuan, reflecting a year-on-year increase of 46.42%, with three firms doubling their profits and eight firms showing growth between 50% and 100% [3]. - The latest price-to-earnings ratio (PE-TTM) for the Securities ETF Pioneer is 19.78, indicating it is at a historical low, being below 80.8% of the time over the past year [3]. Group 3: Market Outlook - The capital market is expected to maintain a steady upward trend, providing a solid foundation for continued earnings growth in the brokerage sector [3]. - The current market conditions, including new account openings and the movement of household deposits, suggest that trading sentiment will remain high, further boosting brokerage business growth [4].

Group 1 - The A-share market indices opened higher collectively on October 29, with the broker ETF (159842) rising by 0.08% [1] - The broker ETF has seen a net inflow of over 140 million yuan in the last five trading days as of October 28, indicating strong capital attraction [1] - Five listed brokerages have disclosed their Q3 2025 reports, showing a trend of simultaneous growth in both operating income and net profit [1] Group 2 - Analysts suggest that the recovery in the brokerage sector is supported by an active capital market and increased trading volume, with expectations for continued high growth in Q3 2025 [1] - The current market environment indicates that new account openings have not yet reached historical highs, suggesting further potential for growth in brokerage and margin financing businesses [2] - The brokerage sector is viewed as an important strategic allocation opportunity due to the expansion of the capital market and increased trading activity, with the A-share market capitalization exceeding 100 trillion yuan [1][2]

证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 数据显示，截至2025年9月30日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、中 信证券(600030)、华泰证券(601688)、广发证券(000776)、招商证券(600999)、国泰海通(601211)、东方 证券(600958)、兴业证券(601377)、光大证券(601788)、财通证券(601108)，前十大权重股合计占比 79.09%。 截至2025年10月28日 13:51，国证证券龙头指数(399437)成分股方面涨跌互现，信达证券(601059)领涨 1.00%，东兴证券(601198)上涨0.78%，兴业证券(601377)上涨0.45%；广发证券(000776)领跌。证券ETF 龙头(159993)最新报价1.36元，盘中净申购1400万份。 消息面上，沪指时隔十年再度站上4000点，为2015年8月19日以来新高。开源证券预计上市券商3季报业 绩有望略超此前预期，向后展望，投行、衍生品和公募业务等业务有 ...

今年三季度，A股市场强势攀升，三大指数表现亮眼。在指数上涨带动下，市场交投活跃度显著提升， 投资者参与热情不断升温，新增开户数持续增长。 10月24日晚间，中信证券和东方财富相继发布2025年三季度报告，营业收入和净利润同比均大幅增长。 三季度，A股市场持续上行，交投活跃，券商受益明显。分析人士认为，券商板块正迎来战略性配置机 会，三类标的值得重视。 业绩连续高增长 中信证券三季报显示，三季度公司营业收入为227.75亿元，同比增长55.71%；净利润为94.40亿元，同 比增长51.54%。前三季度，公司营业收入为558.15亿元，同比增长32.70%；净利润为231.59亿元，同比 增长37.86%。 值得一提的是，截至2025年9月底，中信证券总资产为2.03万亿元，继2020年突破1万亿元大关后，时隔 五年再上新台阶，成为国内首家资产规模突破两万亿元的证券公司。 对于业绩变动原因，中信证券表示，主要由于营业收入同比增加较多，包括经纪、投资银行、资产管理 等业务。前三季度，公司净资产收益率（ROE）达8.15%，同比增加1.85个百分点，盈利超历史最高水 平。 东方财富三季报显示，三季度公司营业收入为4 ...

Core Viewpoint - The securities ETF (159841) has shown significant performance, with a recent increase in both its price and trading volume, indicating strong investor interest and confidence in the sector [3][5]. Fund Performance - As of October 20, the securities ETF (159841) reached a new high in size at 10.256 billion yuan and a total of 9.165 billion shares, marking the highest since its inception [3]. - The ETF has experienced continuous net inflows over the past eight days, with a peak single-day inflow of 310 million yuan, totaling 1.215 billion yuan in net inflows [3]. Product Highlights - The securities ETF (159841) tracks a selection of high-quality listed brokerages, with nearly 60% of its holdings concentrated in the top ten leading brokerages, combining both large asset management and investment banking leaders [3]. - The remaining 40% of the holdings include smaller brokerages, which are expected to show high performance due to their growth potential, making the ETF an efficient investment tool for both large and small brokerages [3]. Market Trends - On October 14, Dongwu Securities reported a projected net profit of 2.748 billion to 3.023 billion yuan for the first three quarters, reflecting a year-on-year increase of 50% to 65%, indicating strong performance across the brokerage sector [5]. - The number of active users for securities service apps reached 17.4 million in September, a year-on-year increase of 9.73%, while new A-share accounts opened in September totaled 2.9372 million, up 60.73% year-on-year [5]. Institutional Insights - According to Founder Securities, the recovery trend in the brokerage sector's fundamentals is clear, with high growth in earnings and a divergence in valuation performance, suggesting opportunities for sector allocation [6]. - Guojin Securities noted a high probability of continued earnings growth in the short term for the securities sector, with a favorable valuation ratio, as the average daily stock trading volume in Q3 was 2.11 trillion yuan, a year-on-year increase of 211% [6].

Core Viewpoint - The securities sector is experiencing a rebound with significant trading activity and growth in margin financing, leading to optimistic projections for the third-quarter earnings of listed brokerages, which are expected to show a year-on-year increase of 53.1% for the first three quarters of 2025 [1] Group 1: Market Performance - As of October 13, 2025, the National Securities Leading Index (399437) shows mixed performance among its constituent stocks, with Huayin Securities (002945) leading with a 4.69% increase [1] - The Securities ETF Leader (159993) has a latest price of 1.35 yuan, with a net subscription of 128 million units today, marking four consecutive days of net inflow [1] Group 2: Earnings Projections - The trading activity and margin financing scale have significantly increased in Q3, with expectations for the year-on-year growth rate of brokerage firms' Q3 earnings to reach 58% and a quarter-on-quarter increase of 1% [1] - The projected net profit attributable to the parent company for listed brokerages in the first three quarters is expected to grow by 53.1%, up from 50.4% in the mid-year report [1] Group 3: Valuation Metrics - The current price-to-book (PB) ratio for the brokerage sector is 1.47 times, which is at the 39th percentile since 2014, while the price-to-earnings (PE) ratio for 2025 is projected at 17 times, at the 26th percentile since 2014 [1] - The fundamentals of the brokerage sector remain strong, with valuations still at low levels and significant underweighting by institutions, indicating strategic allocation opportunities [1] Group 4: Index Composition - As of September 30, 2025, the top ten weighted stocks in the National Securities Leading Index (399437) include Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688), collectively accounting for 79.09% of the index [2]

Group 1 - The core viewpoint of the articles indicates that the brokerage sector is currently experiencing a period of weak fluctuations, with the A-share leading brokerage ETF (512000) trading below the 10-day moving average, reflecting a cautious market sentiment [1][3] - Despite the weak performance, there is a notable presence of premium trading in the 512000 ETF, suggesting strong buying interest, with 4.3 billion yuan of funds entering the market over the past five days [1][3] - The recent introduction of the "Securities Industry Information System Stability Assurance System Standard" aims to provide a comprehensive framework for stability in the brokerage sector, which could enhance operational resilience [3] Group 2 - The secondary market has shown increased activity, with trading volumes exceeding 1.5 trillion yuan for 17 consecutive trading days, indicating sufficient market liquidity [3] - The margin trading balance has stabilized above 2 trillion yuan for three consecutive days, approaching historical highs from 2015, which may signal a bullish trend for the brokerage sector [3] - The ETF manager believes that multiple factors, including the resurgence of margin trading balances and the current market sentiment, could catalyze further growth in the brokerage sector [3] Group 3 - The brokerage ETF (512000) passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [4] - The ETF serves as an efficient investment tool, balancing exposure to both leading brokerages and smaller firms with high growth potential [4]

Investment Rating - The report maintains a positive outlook on the brokerage sector, reiterating a "Look Favorably" rating for the sector [2]. Core Insights - The active equity fund's heavy allocation to the non-bank sector reached a three-year high in Q2 2025, with a heavy allocation ratio of 2.16%, up 0.99 percentage points quarter-on-quarter [2]. - The non-bank sector's share of total A-share market capitalization increased by 21 basis points quarter-on-quarter to 7.04% in Q2 2025, indicating a low allocation coefficient of 0.31 compared to the historical average of 0.35 [2][4]. - The report highlights a significant increase in trading activity, with the average daily trading volume in the A-share market rising to 1.41 trillion yuan year-to-date, and reaching 1.56 trillion yuan in July [2]. - The report notes that 26 traditional brokerages have reported a positive performance forecast for the first half of 2025, with some firms expecting over 100% year-on-year growth [9]. - The report emphasizes the narrowing premium rate of A/H shares, suggesting a potential for A-share brokerages to catch up in performance [2]. Summary by Sections Heavy Allocation Analysis - In Q2 2025, the top five holdings in the non-bank sector included China Ping An (8.81 billion), China Pacific Insurance (5.42 billion), Huatai Securities (2.46 billion), CITIC Securities (1.86 billion), and New China Life Insurance (2.93 billion) [2]. - The report identifies that the most under-allocated stocks in the non-bank sector have seen significant increases in fund allocations, with China Ping An's A/H heavy allocation rising by 71% and 735% respectively [2]. Market Activity - The report indicates that the margin trading balance remains high at 1.93 trillion yuan as of July 22, 2025, reflecting robust market activity [2]. - The report also notes that the brokerage sector's performance has lagged behind the Hong Kong Securities Index, which has risen by 49.92% year-to-date, while the average increase for A/H brokerage stocks is only 4.63% [2]. Investment Recommendations - The report recommends focusing on three investment themes within the brokerage sector: 1. Strong comprehensive capabilities of leading firms such as Guotai Junan A+H, GF Securities A+H, and CITIC Securities A+H [2]. 2. Brokerages with significant earnings elasticity, including Dongfang Securities A+H, Eastmoney, and招商证券 A+H [2]. 3. Firms with strong international business competitiveness, recommending China Galaxy A+H and CICC A+H [2].