关注证券ETF（512880）投资机会，同类规模第一，非银金融板块修复预期受关注。 平安证券指出，证券行业运行状况良好，证券公司数量增加，资产规模持续增长；公募基金管理资 产规模增长，私募基金管理人数量和管理资产规模下降；期货公司数量保持平稳，资产规模上升；上市 公司数量和流通市值稳步增长。从稳健性评估看，证券公司经营总体稳健，经营业绩有所回升；公募基 金管理资产净值稳步增长；期货公司盈利降幅收窄，经营稳健；上市公司整体经营平稳。近期市场景气 度改善、交投活跃度维持高位，板块从估值到业绩均具备β属性，全面受益。长期看资本市场新一轮改 革周期开启，券商仍有较大发展增量空间。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务与证券市场 紧密相关的上市公司证券作为指数样本，涵盖经纪、投行、资产管理等核心金融服务领域，以反映证券 行业相关上市公司证券的整体表现。该指数具有较高的行业集中度和市场代表性，能够有效跟踪证券行 业的市场动态。 风险提示：数据来源：Wind；截至2025年12月26日，证券ETF规模为576.68亿元，在同类21只产品 中排名第一。提及个股仅用于行业事 ...

Core Viewpoint - The securities ETF (512880) has seen a rise of over 0.6% on December 26, with a net inflow of over 340 million yuan in the past five days, indicating a recovery expectation in the non-bank financial sector [1] Group 1: Non-Bank Financial Sector - The insurance sector within the non-bank financial industry is viewed as a key direction for asset allocation by residents, with expectations of increased premium income due to maturing bank deposits in the short term [1] - In the medium term, a strengthening stock market is anticipated to enhance investment returns for insurance equity investments, while rising interest rates under returning inflation will boost insurance bond yields [1] Group 2: Brokerage Sector - The brokerage sector is expected to experience valuation recovery driven by policy catalysts, with a focus on the expansion opportunities of leading brokerage firms [1] - The overall valuation recovery expectation for the securities industry is increasing due to enhanced policy support, particularly for leading brokerages that may further improve competitiveness through mergers and acquisitions [1] Group 3: Securities ETF Overview - The securities ETF (512880) tracks the securities company index (399975), which selects listed companies closely related to the securities market from the Shanghai and Shenzhen markets, covering core financial services such as brokerage, investment banking, and asset management [1] - This index has a high industry concentration and market representativeness, effectively tracking market dynamics within the securities industry [1]