方正证券指出，券商仍"滞涨"、ROE处于上升通道，板块行情虽迟但到。2025年资本市场持续高景气， 全年日均股基成交额2.08万亿，同比增长70.2%，日均两融余额2.08万亿，同比增长32.7%，A股IPO规模 1308亿，同比增长97.4%。核心指标改善趋势下，看好券商板块2025全年利润同比高增，ROE改善。 布局工具上，公开资料显示，券商ETF（512000）及其联接基金（A类 006098；C类007531）被动跟踪 中证全指证券公司指数，一键囊括49只上市券商股，是集中布局头部券商、同时兼顾中小券商的高效率 投资工具。 数据来源于沪深交易所、 Wind 等。 注：ETF费用相关说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准 收取佣金，其中包含证券交易所、登记机构等收取的相关费用。联接基金费用相关说明：华宝中证全指 证券公司ETF联接基金（A类）申购费率（前收费）为申购金额200万元（含）以上时1000元/笔，100万 元（含）~200万元时0.6%，100万元以下时1%；赎回费率为持有天数7日以下时1.5%，持有天数7日 （含）~180日时0.5%，持有天数180日 ...

Group 1 - A-shares opened lower on November 5, but some brokerage stocks showed resilience, with the brokerage ETF (159842) reversing its initial decline to rise by 0.08% and achieving a trading volume of nearly 500 million yuan [1] - The brokerage ETF has seen a net inflow of funds for four consecutive trading days, accumulating over 180 million yuan [1] - The latest data indicates that 2.46 million new A-share accounts were opened in October, bringing the total number of investors close to 250 million, with a high probability of surpassing this milestone by the end of 2025 [1] Group 2 - The capital market continues to show high prosperity, with an improving trend in brokerage fundamentals that diverges from valuation performance, highlighting the importance of offensive opportunities [2] - By Q4 2025, it is expected that valuation will undergo a correction due to factors such as a shift in funding styles and the entry of long-term capital [2]