风险提示：政策趋紧抑制行业创新；市场竞争加剧风险。 券商及互金板块持仓环比基本持平，板块估值环比有所提升：1)券商及互金板块整体：截至2025年三季 度末，公募基金股票投资中券商及互金板块持仓0.74%，较2025年上半年末增加0.01个百分点，同比增 加0.02个百分点。其中传统券商持仓占比0.54%，较2025年上半年末增加0.01个百分点，同比增加0.1个 百分点。2025年三季度末券商行业(中信证券Ⅱ指数)估值为1.55xP/B(静态)，2025年上半年末为 1.41xP/B。 2)互金标的：东方财富持仓占比0.09%，较2025年上半年末减少0.03个百分点，同比减少0.09个百分点。 同花顺持仓占比0.07%，较2025年上半年末增加0.01个百分点，同比减少0.02个百分点。指南针持仓占 比0.04%，较2025年上半年末增加0.03个百分点，同比增加0.04个百分点。 3)传统中大型券商：截至2025年三季度末，公募基金大中型券商持仓为0.52%，较2025年上半年末增加 0.02个百分点，同比增加0.1个百分点。传统券商中，机构持仓仍集中在大中型券商。大中型券商中，华 泰、广发、中金公司、兴 ...

Group 1 - The China Securities and Insurance Index (399966) has seen a strong increase of 1.96%, with notable gains from stocks such as Guosheng Jin控 (10.03%), Guoxin Securities (5.95%), and GF Securities (4.10%) [1] - A report from Donghai Securities indicates that 31 disclosed securities firms are expected to see a 94% year-on-year increase in net profit for the first half of the year [1] - The non-bank financial sector is experiencing a continuous upward trend, with significant improvements in market sentiment and a 63% year-on-year increase in average daily stock fund trading volume [1] Group 2 - The China Securities and Insurance ETF closely tracks the China Securities and Insurance Index, providing investors with diversified investment options [2] - As of June 30, 2025, the top ten weighted stocks in the China Securities and Insurance Index account for 63.35% of the index, including major companies like Ping An Insurance and CITIC Securities [2]