平安证券指出，三季度公募基金显著增持非银金融27.3亿股，成为推动该板块上涨的重要力量；但同期 陆股通外资减持20.4亿股，减持规模仅次于银行板块。行业内部，证券类ETF获得资金净流入，显示部 分资金对券商板块的配置偏好。当前市场环境下，非银金融板块受益于公募增持带来的流动性支撑，其 表现与资金流向势密切相关。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及经纪、承销、自 营交易等证券业务的上市公司证券作为指数样本，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周期性特征，能够有效体现证券市场的整体趋势。 （文章来源：每日经济新闻） ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 平安证券指出，三季度公募基金显著增持非银金融27.3亿股，成为推动该板块上涨的重要力量；但 同期陆股通外资减持20.4亿股，减持规模仅次于银行板块。行业内部，证券类ETF获得资金净流入，显 示部分资金对券商板块的配置偏好。当前市场环境下，非银金融板块受益于公募增持带来的流动性支 撑，其表现与资金流向势密切相关。 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，覆盖证券经纪、承销保荐、资产管理等核心业务领域，以反映 证券行业相关上市公司证券的整体表现。成分证券多为具备较强市场竞争力和较高市值的证券行业企 业。 注：数据来源wind、截至2025.11.17，证券ETF规模为622.84亿，在同类21只产品中排名第一。如提 及个股仅供参 ...

Core Viewpoint - The securities industry is benefiting from active market trading and the release of policy dividends, with several brokerages raising the margin trading limits to meet the strong demand for credit trading [1] Group 1: Market Performance - As of November 7, the A-share margin trading balance reached 2.50 trillion yuan, with a year-on-year increase of 55% in credit business income for listed brokerages in the first three quarters [1] - The current market liquidity is loose, and the improvement in US-China relations along with strengthened policy expectations are contributing to a favorable environment for the industry [1] Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission has introduced new regulations for virtual asset supervision, allowing licensed platforms to connect with global liquidity and expand the asset access for professional investors, which is expected to enhance Hong Kong's market competitiveness [1] Group 3: Industry Outlook - The deepening of capital market reforms, the improvement of the Beijing Stock Exchange ecosystem, and the accelerated layout of medium- and long-term funds are providing further development momentum for the securities industry [1] - The Securities ETF (512880) tracks the securities company index (399975), which selects listed companies closely related to securities business from the A-share market, reflecting the overall performance of the securities industry [1]

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]

Group 1 - The core viewpoint of the article highlights a significant increase in trading volume in the securities industry in August, with an average daily trading amount of 21,549 billion yuan, representing a year-on-year increase of 212.23% [1] - The margin financing balance has also increased by 44.70% year-on-year, indicating a positive trend in the market [1] - The approval of the IPO for Xi'an Yicai, the first unprofitable company on the Sci-Tech Innovation Board, reflects the exchange's growing inclusivity towards "hard technology" enterprises, promoting a virtuous cycle among technology, capital, and industry [1] Group 2 - The transformation of the securities industry is expected to bring new growth points, benefiting from a recovering market and a favorable policy environment, leading to improvements in brokerage, investment banking, and capital intermediary businesses [1] - The average price-to-book (PB) ratio for the industry is projected to be 1.4 times by 2025, with high-quality securities firms likely to stand out under a supportive policy backdrop [1] - The overall valuation of non-bank financials still possesses a safety margin, with the securities industry exhibiting a balanced approach under active capital market policies [1] Group 3 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects stocks of securities companies involved in capital market services to reflect the overall performance of related listed companies [1] - The constituent stocks of the index have high market representativeness and liquidity, focusing on the financial services sector [1] - Investors without stock accounts may consider the Guotai CSI All-Share Securities Company ETF Connect A (012362) and Connect C (012363) [1]

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]

Core Viewpoint - The securities industry is experiencing a significant boost due to heightened market trading sentiment, with the margin trading balance returning to 2 trillion yuan for the first time in ten years, reaching 20002.59 billion yuan on August 5, indicating increased willingness for capital entry [1] Group 1: Market Performance - In July, A-share trading volume reached 29.4 billion shares and transaction value hit 37.57 trillion yuan, both marking new monthly highs for the year [1] - The number of new accounts opened increased by 70.54% year-on-year, benefiting brokerage and credit businesses [1] Group 2: Financing and Growth - Year-to-date, the scale of bond issuance by securities firms increased by 32.8% to 769.99 billion yuan, primarily to meet the funding needs of capital-intensive businesses [1] - The low interest rate environment, with an average coupon rate of 1.97%, further reduces financing costs [1] Group 3: Future Outlook - With the generally high growth of mid-year performance and favorable policy catalysts, both industry valuation and profitability are expected to increase [1] - Long-term, the expansion of virtual asset ecosystems such as stablecoins and RWA will open new growth opportunities for securities firms [1] Group 4: Index Information - 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 [1] - This index covers brokerage, investment banking, and proprietary trading sectors, reflecting the overall performance of listed companies in the securities industry [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]