Group 1 - The Hong Kong stock market's brokerage sector has shown remarkable performance, with the CSI Hong Kong Securities Investment Theme Index rising over 90% since early April, and the Hong Kong Securities ETF (513090) attracting significant capital inflow, with an average daily trading volume exceeding 170 billion and a net inflow of over 150 billion since July [1][9] - The CSI Hong Kong Securities Investment Theme Index exclusively covers brokerage firms, including major stocks like CITIC Securities and Hong Kong Exchanges, with a high concentration of holdings; the top five stocks account for 57.4% and the top ten for 89.3% of the index [2][3] - Historical data indicates that the Hong Kong Securities Index has high elasticity during market rebounds, having experienced significant excess returns during three notable periods in the past decade, demonstrating strong sensitivity to market activity and risk appetite [5][7] Group 2 - The Hong Kong Securities ETF (513090) is the only ETF tracking the CSI Hong Kong Securities Investment Theme Index, with a recent scale exceeding 290 billion, marking an increase of nearly 200 billion since early July, and it ranks first among financial ETFs in Hong Kong [9] - The ETF supports T+0 trading, providing investors with flexibility for intraday trading, and has shown strong liquidity with an average daily trading volume rising to over 190 billion in August [9] - The overall liquidity in the Hong Kong stock market has improved significantly, with a 113% year-on-year increase in average daily trading volume in the first half of 2025, alongside positive earnings forecasts from several brokerages [9]