Group 1 - The three major indices collectively declined, while the brokerage sector rose, with the CSI All Share Securities Company Index increasing by 0.25% [1] - Major stocks in the brokerage sector, such as Huatai Securities and Guosheng Securities, saw gains of over 2%, while Jinlong Co., Industrial Securities, and GF Securities rose by over 1% [1] - The Securities ETF (159841) experienced a net inflow of 173 million yuan on November 17, marking five consecutive trading days of net inflows, totaling 456 million yuan [1] Group 2 - The brokerage sector is generally optimistic about the securities industry in 2026, anticipating a combination of overall valuation recovery and structural opportunities, with market drivers shifting from valuation recovery to profit fundamentals [1] - Key growth areas identified include wealth management, investment banking, internationalization, and technology empowerment [1] - The Securities ETF (159841) closely tracks the CSI All Share Securities Company Index, focusing on large-cap securities leaders, including both traditional and fintech leaders [1] Group 3 - The valuation of the securities sector remains at a historically low relative level, with estimates suggesting a steady increase in the net asset return rate to approximately 7.2% by 2026, which would be above the 70th percentile since 2016 [2] - The industry valuation is currently positioned at the 40th percentile since 2016, indicating ample room for the sector's elasticity to be released [2]