数据来源于沪深交易所、公开资料等。 平安证券指出，证券行业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。 东吴证券表示，证券行业转型有望带来新的业务增长点，受益于市场回暖及政策环境友好，券商经纪、 投行、资本中介等业务均受益。中金公司拟换股合并东兴证券、信达证券，资产规模将破万亿元，行业 并购稳步推进。当前行业平均PB估值仅1.2倍，政策积极下优质券商有望脱颖而出。 券商ETF（512000）及其联接基金（联接C：007531）被动跟踪证券公司指数，该指数前十大权重股分 别为东方财富、中信证券、国泰海通、华泰证券、广发证券、招商证券、东方证券、申万宏源、兴业证 券、国信证券。 11月25日，市场情绪明显回暖，上证指数涨超1%，为月内首次；创业板指涨逾2.8%重回3000点上方。 券商板块震荡走强，A股顶流券商ETF（512000）场内价格现涨0.7%，实时成交额近3亿元。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金 ...

Group 1 - The brokerage sector showed positive fluctuations on November 24, with the top brokerage ETF (512000) increasing by 0.36%. Notable gains were seen in Guosheng Securities (over 3%) and Huaxin Securities and Industrial Securities (over 2%) [1] - The brokerage ETF (512000) attracted significant inflows of 663 million yuan in the previous two days amid market adjustments [1] Group 2 - China International Capital Corporation (CICC) announced on November 19 its plan to merge Dongxing Securities and Xinda Securities through a share swap, aiming to consolidate resources under the Huijin system and enhance comprehensive service capabilities. Post-merger, total assets may exceed 880 billion yuan, positioning the company as the fourth largest in net assets within the industry, with improved rankings in investment banking and proprietary trading [3] Group 3 - Guotai Junan Securities indicated that market risks have significantly diminished, suggesting that the Chinese stock market has entered a value investment phase, reflecting institutional optimism about the long-term development of the capital market [4] - Ping An Securities noted that the brokerage sector possesses beta attributes in both valuation and performance, benefiting from the new round of capital market reforms, indicating substantial growth potential. Xinda Securities highlighted the overall low valuation of the financial sector, with a high probability of performance elasticity. Increased inflows of resident funds are expected to yield excess returns, with the brokerage sector likely benefiting from a bull market [5] - The brokerage ETF (512000) and its linked fund (C: 007531) passively track the securities company index, with the top ten weighted stocks including Dongfang Caifu, CITIC Securities, Guotai Junan, Huatai Securities, Guangfa Securities, China Merchants Securities, Dongfang Securities, Shenwan Hongyuan, Industrial Securities, and Guoxin Securities [5]

券商ETF（512000）及其联接基金（联接C：007531）被动跟踪证券公司指数，该指数前十大权重股分 别为东方财富、中信证券、国泰海通、华泰证券、广发证券、招商证券、东方证券、申万宏源、兴业证 券、国信证券。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上 ...