Core Viewpoint - The A-share market indices showed strong fluctuations today, with brokerage stocks leading the rise, pushing the Shanghai Composite Index towards the 3900-point mark [1] Group 1: Market Performance - The brokerage sector saw significant gains, with Guohai Securities hitting the daily limit, Changjiang Securities rising over 6%, and Pacific Securities increasing more than 4% [1] - The "bull market leader" Securities ETF (159841) experienced a sharp rise, at one point increasing over 3% during trading [1] Group 2: Fund Flows and ETF Growth - According to Wind data, the Securities ETF (159841) has attracted continuous capital inflow for 13 consecutive trading days, with product shares surpassing 7 billion and total scale exceeding 8 billion, setting new records [1] Group 3: Industry Outlook - Institutions indicate that while the equity market has been rising since the beginning of the year, the brokerage index has not recovered as much as the broader market, with large brokerages still valued at historically low levels [1] - With stable upward returns on equity assets, increasing stock trading volumes, and continuous breakthroughs in margin financing, the brokerage sector is entering a strong recovery phase, with expectations for sustained performance growth and valuation recovery [1] - The brokerage sector is characterized by strong beta attributes, closely linked to capital market performance, and has historically outperformed the broader market during market rebounds [1]