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 a "systematic slow bull market" has emerged in the A-share market, driven by improved risk appetite and declining risk-free interest rates, with expectations for the Shanghai Composite Index to challenge higher levels beyond the previous peak of 3674 points [1] - As of August 1, 27 listed securities firms have released their semi-annual performance forecasts, with 24 firms reporting profits, 23 of which expect growth, and one firm turning a loss into profit [1] - The brokerage sector is expected to see significant investment opportunities in the second half of the year due to favorable semi-annual performance forecasts, deepening capital market reforms, liquidity easing, and an upward shift in market index expectations [1] Group 2 - The Securities ETF (512880) is the largest in its category, tracking the securities company index (399975), which reflects the overall performance of listed companies involved in securities brokerage, investment banking, and asset management [1] - As of August 12, 2025, the Securities ETF has a scale of 36.215 billion, ranking first among 21 similar products [2]

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]

Group 1 - The core viewpoint is that brokerage firms are expected to see significant growth in their mid-year performance for 2025, with 23 out of 25 firms forecasting an increase in earnings [1] - The improvement in market conditions and sustained high trading activity are contributing factors to the positive earnings outlook for the brokerage sector [1] - The initiation of a new round of reforms in the capital market is anticipated to provide substantial growth opportunities for brokerage firms in the long term [1] Group 2 - The Securities ETF (512880) tracks the Securities Company Index (399975), which is designed to reflect the overall performance of listed companies in the securities industry, including brokerage, investment banking, and asset management [1] - The index is compiled by the China Securities Index Co., Ltd., and includes companies that are representative of the core business segments of the securities industry [1]

Group 1 - The securities sector is leading the market with the securities ETF (512880) rising over 1.7%, marking a net inflow of over 1.1 billion yuan for 10 consecutive days [1] - The market's high trading activity is beneficial for brokerage firms' cyclical businesses, with the average daily trading volume in the A-share market reaching 1.41 trillion yuan year-to-date and increasing to 1.56 trillion yuan since July [1] - As of July 22, the margin trading balance remains high at 1.93 trillion yuan, indicating an upward trend in the brokerage sector's performance [1] Group 2 - The securities ETF (512880) tracks the securities company index (399975), which is compiled by China Securities Index Co., Ltd., reflecting the overall performance of listed companies in the securities industry [1] - The index includes companies involved in securities brokerage, investment banking, and asset management, covering the core business segments of securities firms [1]

Group 1 - The core viewpoint is that the non-bank sector presents relative return opportunities as the A-share market transitions from a stock market to an incremental market since June 2025 [1] - The trading characteristics indicate that market activity has increased, leading to a general rise in overall valuation levels and a shift from sector rotation to broad-based gains, resulting in visible profit effects [1] - On July 22, 2025, the total trading volume across three markets reached 1.93 trillion yuan, approaching the 2 trillion yuan mark, with a day-on-day change of 11.7% [1] Group 2 - The margin financing and securities lending balance was 1.9 trillion yuan, with a day-on-day change of 0.8% [1] - The financing purchase balance increased by 7.6% compared to the previous trading day [1] - The Securities ETF (512880) tracks the Securities Company Index (399975), which reflects the overall performance of listed companies in the securities industry, covering core business segments [1]

Group 1 - The securities industry is experiencing improved market conditions and high trading activity, benefiting from both valuation and performance attributes [1] - Long-term prospects indicate significant growth potential for brokerages as a new round of capital market reforms begins [1] - The Shanghai Stock Exchange is accelerating the inclusion of the Sci-Tech Innovation Board ETF into the fund trading platform, optimizing market maker mechanisms and after-hours fixed price trading to attract more social capital into "new quality productivity" sectors [1] Group 2 - The Shenzhen comprehensive reform pilot policy aims to deepen financial market reforms, supporting eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange and allowing enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange [1] - These initiatives are expected to enhance the empowerment of financial elements in the development of the real economy and support the cultivation of long-term and patient capital [1] - The improvement of the credit repair system is anticipated to optimize risk control mechanisms and enhance potential asset quality [1] Group 3 - The Securities ETF (512880) tracks the Securities Company Index (399975), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in securities brokerage, investment banking, and asset management from the A-share market [1] - This index aims to comprehensively reflect the overall performance of listed companies in the securities industry, covering core business segments of securities firms [1]

Group 1 - The non-bank financial sector has shown active performance following the "924" policy, with 38 comparable listed brokerages achieving adjusted revenue of 415.1 billion yuan and net profit attributable to shareholders of 147 billion yuan in 2024, representing year-on-year growth of 8% and 16% respectively [1] - In the first quarter of 2025, the performance further improved, with revenue and net profit increasing by 34% and 81% year-on-year, primarily driven by brokerage and proprietary trading businesses [1] - The overall price-to-book ratio of the securities industry stands at 1.27 times, which is at the 26th percentile of the past decade, indicating that valuations remain attractive [1] Group 2 - The Securities ETF (code: 512880) tracks the securities company index (code: 399975), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in securities brokerage, investment banking, and proprietary trading from the A-share market to reflect the overall performance of the securities industry [1] - The index constituents cover the entire industry chain of the securities sector, showcasing significant market representation and industry characteristics [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]