Group 1 - The core viewpoint is that the securities industry is expected to benefit from improved market conditions in 2025, with high trading activity and a weekly average daily turnover of 24.5 trillion yuan [1] - The securities sector index rose by 8.19% this week, outperforming the banking and insurance sectors, indicating optimistic investor sentiment towards the industry's prospects [1] - The stock pledge scale increased by 1.91% month-on-month, and three companies passed the IPO review, demonstrating the ongoing financing capabilities of the market [1] Group 2 - The Securities ETF (512880) tracks the securities company index (399975), which selects representative securities firms from the A-share market to reflect the overall performance of related listed companies [1] - The index components are concentrated in the financial services sector, characterized by significant cyclicality and sensitivity to market fluctuations [1] - Investors without stock accounts may consider the Guotai CSI All Share Securities Company ETF Link C (012363) and Guotai CSI All Share Securities Company ETF Link A (012362) [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 没有股票账户的投资者可关注国泰中证全指证券公司ETF联接A（012362），国泰中证全指证券公司 ETF联接C（012363）。 东吴证券指出，证券行业8月交易量同比大幅提升，截至8月15日日均股基交易额达21549亿元，同比上 涨212.23%，两融余额同比提升44.70%。科创板首家未盈利企业西安奕材IPO过会，体现交易所对"硬科 技"企业的包容性增强，促进科技-资本-产业良性循环。证券行业转型有望带来新增长点，受益于市场 回暖及政策环境友好，经纪、投行、资本中介等业务均改善。目前行业2025E平均PB估值1.4倍，政策 积极背景下优质券商有望脱颖而出。非银金融整体估值仍具安全边际，证券行业在活跃资本市场政策支 持下呈现攻守兼备特性。 证券ETF（512880）跟踪的是证券公司指数（ ...

Group 1 - The core viewpoint is that the securities industry is expected to benefit from improved market conditions and sustained high trading activity by 2025, with both valuation and performance showing β attributes, leading to comprehensive benefits for the sector [1] - Weekly average daily trading volume for stock funds reached 24.5 trillion yuan, indicating high market activity [1] - The new round of reforms in the capital market is anticipated to provide significant growth opportunities for brokerage firms in the long term [1] Group 2 - The insurance industry continues to show a stable improvement on the liability side and a risk mitigation on the asset side, with both aspects demonstrating resilience [1] - The industry valuation and holdings remain at a low point, and the β attributes combined with the alleviation of real estate investment risks are expected to support valuation recovery for the sector [1] - The non-bank financial sector is showing positive development trends driven by both policy and market factors [1] Group 3 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities brokerage, underwriting, and asset management from the A-share market to reflect the overall performance of the securities industry [1] - The index constituents are primarily competitive firms in the financial services sector, and the industry allocation reflects the market characteristics of the securities industry [1] - Investors without stock accounts may consider the Guotai CSI All-Share Securities Company ETF Connect C (012363) and Guotai CSI All-Share Securities Company ETF Connect A (012362) [1]

Group 1 - The securities industry is experiencing a continuous recovery in its prosperity, with the trading volume of the Shanghai and Shenzhen markets surpassing 20 trillion [1] - The sector's price-to-book (PB) ratio is at 1.53X, indicating potential for further recovery [1] - The investment value of brokerage firms is gradually being confirmed against the backdrop of an upward trend in the capital market and increased risk appetite, with undervalued quality brokerages still having allocation value [1] Group 2 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities brokerage, underwriting, and sponsorship from the Shanghai and Shenzhen markets [1] - The index reflects the overall performance of listed companies in the securities industry and covers major enterprises, demonstrating strong market representation and industry characteristics [1] - The index aims to capture cyclical fluctuations in the securities market and changes in the industry under policy influences [1]

Group 1 - The core viewpoint is that the A-share market's margin financing balance has returned to a high of 2 trillion yuan, indicating improved policy expectations and a rebound in market risk appetite [1] - Regulatory authorities have released multiple signals to stabilize the capital market, enhancing investor confidence through expectations of incremental reforms and institutional optimizations [1] - Financing funds are primarily flowing into sectors such as information technology, industrials, and materials, reflecting optimism towards industrial structure upgrades [1] Group 2 - Compared to ten years ago, the current market ecosystem is more refined, with more precise capital allocation and a tendency towards value investing [1] - The expansion of insurance capital private equity securities funds, such as the establishment of private equity funds by Taiping Asset Management, aims to increase long-term capital investment in the capital market, supporting national strategies and the real economy [1] - The recent increase in market activity in the securities sector is evidenced by the margin financing balance, which accounts for 2.30% of the A-share circulating market value, indicating a positive impact of leveraged funds on the market [1] Group 3 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities brokerage, underwriting, and proprietary trading to reflect the overall performance of the securities industry [1] - The constituent stocks of this index have strong market representation, with industry allocation concentrated in the financial services sector [1] - Investors without stock accounts may consider the Guotai CSI All-Share Securities Company ETF Connect C (012363) and Guotai CSI All-Share Securities Company ETF Connect A (012362) [1]

Group 1 - The non-bank financial sector, particularly the securities segment, is experiencing improved market conditions and high trading activity, benefiting from both valuation and performance attributes [1] - Long-term prospects for brokerages are positive due to the initiation of a new round of capital market reforms, indicating significant growth potential [1] - The insurance industry is expected to maintain a stable and resilient development trend by 2025, with current valuations and holdings at a low point, suggesting potential for valuation recovery [1] Group 2 - The joint issuance of the "Guiding Opinions on Financial Support for New Industrialization" by the central bank and seven departments emphasizes the synergy between financial and industrial policies, enhancing the financial sector's ability to serve the real economy [1] - The Securities ETF (512880) tracks the securities company index (399975), which reflects the overall performance of listed companies in the securities industry, focusing on firms with strong capital and market share [1] - Investors without stock accounts can consider the Guotai CSI All-Share Securities Company ETF Link C (012363) and Link A (012362) for exposure to the securities sector [1]

Core Viewpoint - The market sentiment is active as the Shanghai Composite Index has returned above 3600 points, reaching a new closing high for the year, indicating upward momentum for the market [1] Group 1: Market Trends - The Politburo meeting emphasized enhancing the attractiveness and inclusiveness of the domestic capital market, which supports the stabilization and improvement of the capital market [1] - The short-term policy focus is on effectively utilizing existing policies while retaining the option for timely additional support, benefiting the non-bank financial and securities sectors [1] Group 2: Investment Opportunities - In July 2025, new A-share accounts reached 1.96 million, showing a significant year-on-year increase of 71%, indicating a rise in market participation and providing new business opportunities for the securities industry [1] - The Securities ETF (512880) tracks the Securities Company Index (399975), which reflects the overall performance of listed companies involved in securities brokerage, underwriting, and proprietary trading, showcasing the market trends and operational status of the securities industry [1] Group 3: Investment Products - Investors without stock accounts may consider the Guotai CSI All Share Securities Company ETF Connect C (012363) and Guotai CSI All Share Securities Company ETF Connect A (012362) as potential investment options [1]

Group 1 - The core viewpoint of the article highlights that the financial sector is expected to benefit from liquidity easing and supportive policies, leading to increased market activity and opportunities for financial stocks [1] - The securities industry is projected to see a continued recovery in its business environment by 2025, with mergers and acquisitions and advancements in financial technology contributing to potential profit and valuation growth [1] - The insurance sector is experiencing a strong improvement in performance due to long-term assessments and the implementation of lower preset interest rates, which is expected to enhance valuations supported by policy backing and fundamental improvements [1] Group 2 - The banking sector is likely to maintain stable profitability, benefiting from liquidity easing and the decline in non-standard investment returns, which enhances the attractiveness of high dividend yields [1] - Overall, the financial industry is presenting structural opportunities across various sub-sectors amid the ongoing "anti-involution" policies [1] - The Securities ETF (512880) tracks the securities company index (399975), which includes listed companies involved in securities services, reflecting the overall performance and market trends of the securities industry [1]

Group 1 - The core viewpoint of the article highlights the significant net inflow of over 430 million into the Securities ETF (512880), indicating a positive trend in the non-bank financial and securities sector valuation recovery [1] - The continuous expansion of passive indices is attracting stable capital inflows, with the sector's high-weight characteristics likely to continue drawing investment [1] - The average dividend yield of the sector currently stands at 4.13%, making it attractive for long-term funds such as insurance capital, especially with regulatory guidance encouraging long-term capital market entry [1] Group 2 - The overall asset quality of the industry remains robust, with controllable risks in key areas such as real estate and retail due to supportive policies and prudent management strategies [1] - There is a noticeable trend of revenue recovery, with both interest margin business and non-interest income showing signs of improvement, supported by stable new loan interest rates and declining government bond yields [1] - The Securities ETF (512880) tracks the Securities Company Index (399975), which reflects the overall performance of listed companies involved in brokerage, investment banking, and asset management [1]

Group 1 - The non-bank financial and securities industry is currently influenced by both policy environment and market activity, with the State Council deploying personal consumption loans and service industry operating loan interest subsidy policies to lower financing costs and stimulate consumption potential [1] - The central bank has indicated a continuation of moderately loose monetary policy in the second half of the year, emphasizing the maintenance of ample liquidity and guiding reasonable credit growth, alongside strengthened regulatory measures for financial infrastructure, which provides institutional support for the industry's standardized development [1] - The securities sector is expected to benefit from active market trading in the short term, with an average daily trading volume of 22.8 trillion yuan in stock funds, while in the long term, it will benefit from the incremental space brought by deepening capital market reforms [1] Group 2 - The insurance sector shows potential for valuation recovery against a backdrop of stable liabilities and alleviated risks on the asset side, which is worth noting [1] - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities services from the A-share market, covering representative enterprises in brokerage, investment banking, and proprietary trading to reflect the overall performance and market trends of the securities industry [1] - Investors without stock accounts may consider the Guotai CSI All Share Securities Company ETF Connect C (012363) and Guotai CSI All Share Securities Company ETF Connect A (012362) [1]