近期，非银金融行业迎来多项政策利好。华西证券指出，2025年前三季度上市券商营收与净利润同比大 幅增长，经纪与自营业务成为主要驱动力，同时监管部门推动中长期资金入市，畅通社保、保险、理财 等资金入市堵点，有望持续提升资本市场活跃度。在此背景下，证券行业作为服务新质生产力融资和耐 心资本配置的核心中介，其功能定位进一步强化，板块估值修复可期。 截至2026年1月6日 10:56，证券ETF南方(512900)上涨3.03%，成交6654.82万元。跟踪指数中证全指证券 公司指数成分股华林证券上涨9.99%，华安证券上涨8.83%，东北证券上涨5.95%，华泰证券，财达证券 等个股跟涨。 东方财富证券认为，证券行业并购重组加速，将迈向"头部做优做强"与"中小特色化发展"新格局。地方 国资入主中小券商，利于提升其资本实力与抗风险能力，注入发展活力。中证协强化券商压力测试体 系，推动从"有形覆盖"转向"有效运用"，为行业稳健发展筑牢风险防线。在中央经济工作会议落地、经 济基本面向好，人民币升值提升资产吸引力。同时，公募基金销售费率改革落地，降低投资者成本，引 导长期投资，推动指数型、权益类基金发展，利好证券行业。新规 ...

财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 日前，长江证券（000783）、东吴证券（601555）先后公告，宣布上调两融业务规模上限。其中，长江 证券将信用业务总规模上限提升至净资本的300%，东吴证券则将两融授信总规模上限调整至不超过净 资本的600%。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气 度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态势，财 富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于历史低 位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自营、跨境等业务领域具备 差异化竞争优势的券商。 中信建投（601066）研报称，证券方面，2026年政策利好驱动业绩持续增长，板块有望重新定价。2025 年证券行业进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超 额收益不佳。当前"服务新质生产力 ...

Core Viewpoint - Recent inflows into securities ETFs indicate strong investor interest, with over 22.1 billion yuan flowing into 19 ETFs tracking securities company indices in the past month, highlighting the sector's potential for recovery and growth [1][4]. Group 1: Market Performance - The largest securities ETF (512880) attracted nearly 10 billion yuan, bringing its total size to over 54 billion yuan, making it the largest among 13 similar ETFs [1][7]. - The securities sector has a strong beta attribute, with its performance closely tied to capital market trends, often outperforming the broader market during rebounds [1]. - Despite a relatively lower year-to-date increase, the securities sector has not yet surpassed the high point from last year's market rally on September 24 [1]. Group 2: Future Outlook - The valuation of the securities sector is expected to continue recovering, supported by active market transactions and improving fundamentals [4]. - In the first half of the year, 39 listed securities firms reported a total net profit of 102.1 billion yuan, a year-on-year increase of 63.1%, with a non-recurring profit increase of 51% [4]. - The third quarter is anticipated to show positive market trends, with the potential for earnings growth to exceed expectations due to a low performance base [4]. Group 3: New Opportunities - The development of stablecoins and virtual assets is expected to create new business opportunities for leading securities firms, particularly with the upgrade of licenses in Hong Kong [6]. - The frequency of mergers and acquisitions in the securities industry has increased since 2024, which may accelerate resource integration and improve profitability for listed companies [6]. - The securities ETF (512880) tracks the CSI All Share Securities Company Index, encompassing leading A-share brokerage firms, presenting potential investment opportunities for interested investors [6].

Group 1 - The Securities ETF (159841) has seen active trading with a turnover rate of 9.84% and a significant daily trading volume of 718 million yuan, indicating strong market interest [2] - The ETF experienced a substantial net subscription of over 250 million shares, with a total net inflow of 1.491 billion yuan over the past eight days, including a single-day net inflow of 288 million yuan [2] - The latest scale of the Securities ETF reached 7.377 billion yuan, marking a new high since its inception, with total shares reaching 6.503 billion, the highest in three months [3] Group 2 - As of September 1, the A-share financing balance surged to 2.28 trillion yuan, breaking the previous record of 2.27 trillion yuan set on June 18, indicating increased market participation [3] - The margin trading balance also hit a new high of 2.3 trillion yuan, reflecting a strong bullish sentiment in the market, with both trading volume and margin balances exceeding 2 trillion yuan [3] - In the first half of the year, brokerage firms experienced rapid growth in brokerage and proprietary businesses, leading to an increase in overall revenue and net profit for the industry [4] Group 3 - The active trading environment and policy benefits are driving the valuation recovery of the securities sector, with increased daily trading volumes and record-high margin balances [5] - Several brokerage firms have reported strong performance in asset management and wealth management, with improvements in client scale and asset management capabilities [5] - Leading brokerage firms are focusing on becoming top-tier investment banks, enhancing their comprehensive strength and international competitiveness to promote high-quality industry development [5]