Group 1 - The Politburo meeting has released positive signals, emphasizing the importance of enhancing the attractiveness of the capital market, which is expected to elevate the significance of the capital market to a new height and improve institutional development in the future [1] - The official implementation of the stablecoin regulations marks a critical juncture for the development of virtual assets, with brokerages likely to benefit from the expansion of the stablecoin ecosystem and the exploration of innovative business boundaries [1] - The securities industry is undergoing structural transformation, with mid-year performance catalysts and the influx of medium to long-term funds expected to continuously improve broker valuations and fundamentals [1] Group 2 - The activity level in the private placement market has significantly increased, with the amount raised through A-share private placements in the current year soaring by 667.15% year-on-year, directly boosting brokerage investment banking revenue [1] - The scale of private asset management by brokerages has risen to 5.52 trillion yuan, with fixed-income products accounting for over 80%, indicating an advancement in active management capabilities as both the scale and proportion of collective asset management plans have increased [1] - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects representative and liquid constituent stocks from listed securities companies in the A-share market, focusing on financial services, particularly those related to capital market services, to reflect the overall performance of the securities industry [1]