截至2025年10月10日 10:32，证券ETF(159841)上涨1.83%，盘中换手3.22%，成交3.32亿元。跟踪指数成 分股国信证券(002736)上涨8.54%，锦龙股份(000712)上涨6.99%，广发证券(000776)上涨5.61%，华泰证 券(601688)，湘财股份(600095)等个股跟涨。 【相关产品】 证券ETF(159841)，对应场外联接基金（A：008590，C：008591）。 【热点事件】 9月30日，证监会召开"十五五"资本市场规划上市公司和行业机构座谈会，会上证监会主席强调：以科 创板、创业板"两创板"改革为抓手，进一步深化投融资综合改革，全面推进实施新一轮资本市场改革开 放，不断提升市场的吸引力、包容性和竞争力。 【机构观点】 对于整个券商板块投资价值，西部证券认为，在资本市场趋势性向上和风险偏好逐步提升下，券商股的 投资价值正在逐步确认，行业景气度上行趋势不变，是年内不可多得的具备相对低估值和业绩同比高增 长特征的细分领域资产，低估低配、高ROE的头部券商和具有基本面变化的券商仍有配置价值，有望通 过吸收合并实现市占率提升的标的、受益于港股IPO回暖的标的以及 ...

Core Viewpoint - The securities ETF (159841) has shown significant growth, with a 4.79% increase in price and a notable inflow of funds, indicating a positive market sentiment towards the securities industry [3][4]. Group 1: ETF Performance - As of September 29, 2025, the securities ETF (159841) closed up 4.79% with a turnover rate of 12.89% and a trading volume of 1.264 billion yuan, reflecting active market trading [3]. - The ETF has seen a scale increase of 903 million yuan over the past two weeks, demonstrating substantial growth [3]. - In the last ten trading days, there were net inflows of funds for nine days, totaling 957 million yuan [3]. Group 2: Market Dynamics - The recent favorable policies for the brokerage sector, such as expectations for mergers and acquisitions and optimized trading mechanisms, have contributed to a recovery in market sentiment [3]. - The latest financing buy-in amount for the securities ETF reached 74.73 million yuan, with a financing balance of 360 million yuan, indicating ongoing leverage in the market [3]. Group 3: Industry Performance - The securities industry is projected to achieve its best operating performance since 2016 in the first half of 2025, with revenue increasing by 23.47% year-on-year and net profit rising by 40.37% [4]. - The proportion of self-operated business income has reached a near ten-year high, while brokerage business income has seen a slight recovery, contributing to the overall growth in industry performance [4]. Group 4: Institutional Insights - According to Zhongyuan Securities, the policy direction aims to enhance the attractiveness and inclusiveness of the domestic capital market, which is expected to support economic recovery and resilience against external shocks [5]. - The overall operating environment for the securities industry in the fourth quarter of 2025 is anticipated to maintain a favorable trend, with strong certainty for annual performance growth [5]. - The average price-to-book ratio for the brokerage sector in the third quarter is around 1.55 times, reflecting near ten-year average valuation fluctuations [5].

Core Viewpoint - The A-share market is experiencing a rebound, with significant trading activity and a notable inflow of funds into the securities sector, indicating a potential bottoming out and recovery opportunity for investors [1][2]. Group 1: Market Performance - The A-share market showed a strong performance with a half-day trading volume of 1.4 trillion, marking the 85th consecutive trading day with over 1 trillion in total trading volume [1]. - The securities sector, particularly the securities ETF (159841), has seen a decline of over 9% from its peak, yet it has attracted continuous net inflows for 22 consecutive trading days, totaling 3.516 billion [1]. Group 2: Fund Inflows and Investor Behavior - The recent increase in fund inflows is attributed to positive changes in the industry fundamentals, including a decrease in resident deposits and an increase in non-bank deposits, suggesting a shift of funds from savings to the stock market [2]. - The number of new A-share accounts opened in August has surged, with the average daily trading volume reaching 2.25 trillion, surpassing levels seen in September 2024 and June 2015, supporting the trend of residents moving deposits into the market [2]. Group 3: Securities Industry Performance - The securities industry reported a net profit increase of over 40% year-on-year in the first half of the year, with expectations for continued growth in brokerage business as market trading volumes rise [2]. - The total market size of ETFs has exceeded 5.3 trillion, reflecting an increase of over 2.4 trillion, or 85.36%, since the initiation of the "9.24" market rally, highlighting the growing popularity of ETFs as a primary investment tool for residents [2]. Group 4: ETF Characteristics and Opportunities - The securities ETF (159841) is designed to package high-quality listed brokerages, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while the remaining 40% includes smaller brokerages with high earnings elasticity [2]. - Since the outbreak of the "9.24" market rally, the ETF has shown a cumulative increase of over 50% from September 24 to October 8, indicating strong offensive potential for investors looking to capitalize on long-term opportunities in the securities sector [2].

Group 1 - The Securities ETF (159841) has seen significant trading activity, with a single-day transaction volume reaching 1.04 billion yuan and a total volume of 10.48 billion yuan on September 18 [2] - The latest scale of the Securities ETF has surpassed 9 billion yuan, reaching 9.021 billion yuan, with the latest share count at 8.084 billion, both marking new highs since inception [2] - The Securities ETF has experienced continuous net inflows over the past 19 days, accumulating a total of 3.29 billion yuan [2] Group 2 - The A-share market has shown increased activity, with total trading volume exceeding 3 trillion yuan, reaching 3.17 trillion yuan on September 18 [3] - There is a noticeable "see-saw" effect between resident deposits and non-bank deposits, indicating a shift in asset allocation among residents, with a trend towards investing in the equity market [3] - The brokerage industry is expected to see a recovery in valuation and performance, supported by increased market activity and favorable regulatory conditions [3]

Core Viewpoint - The Securities ETF (159841) has shown strong performance and significant capital inflow, indicating a positive trend in the securities market and investor sentiment [3][4][5]. Group 1: ETF Performance - As of September 17, the Securities ETF (159841) has accumulated a weekly increase of 2.13%, ranking first among comparable funds [3]. - The fund has seen a net subscription of nearly 300 million shares, maintaining its "capital-absorbing" trend [3][4]. - The latest scale of the Securities ETF reached 8.735 billion yuan, with a total share count of 7.592 billion, marking a new high since its inception [4]. Group 2: Capital Inflow - Over the past 18 days, the Securities ETF (159841) has experienced continuous net inflows totaling 2.734 billion yuan [4]. - The increase in trading volume has driven a significant rise in securities transaction stamp duty, which reached 118.7 billion yuan, up 81.7% year-on-year [5]. Group 3: Market Activity - The total trading volume of A-shares has reached 28 trillion yuan year-to-date, a 109% increase compared to the same period last year [5]. - Daily average trading volume for A-shares is 1.61 trillion yuan, up 107% year-on-year, with daily trading exceeding 2 trillion yuan for 26 consecutive trading days since August 13 [5]. Group 4: Industry Outlook - The securities industry is entering a new phase characterized by internationalization and diversification, driven by ongoing capital market reforms and accelerated opening-up [6]. - Regulatory encouragement for industry consolidation is expected to enhance overall competitiveness and resource allocation within the sector [6].

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【9月18日沪指午盘放量涨，证券ETF受资金热捧】9月18日，上证指数午盘放量涨0.45%，大金融逆势 下跌。资金疯狂抢筹深市最大的证券ETF(159841)。 该证券ETF近20个有19个获资金净流入，近20日资 金净流入额超28亿元，最新规模达87.35亿元，最新份额达75.92亿份，均创成立以来新高。 证券 ETF(159841)跟踪中证全指证券公司指数，近6成仓位集中于十大龙头券商，4成仓位兼顾中小券商。 随 着A股行情上行，券商股迎来多重利好。截至9月17日，A股两融余额首破2.4万亿元，达24054亿元。 A 股成交额连续第81个突破1万亿，连续第46个突破1.5万亿，连续第5个突破2万亿。 8月居民存款同比少 增6000亿元，或与存款搬家入市有关。8月A股新开户数265万户，较7月增35%。 招商证券表示，牛市 行情下，券商作为"牛市旗手"值得关注和配置，中长期看好券商板块机会。 ...

Core Insights - The Securities ETF (159841) has shown a positive performance with a 0.52% increase and significant trading volume, indicating strong investor interest [3] - The ETF has reached a new high in scale, amounting to 8.32 billion yuan, with a total of 727.4 million shares, reflecting a continuous inflow of funds over the past 16 days totaling 2.369 billion yuan [4] - The market is witnessing a trend where retail investors are increasingly moving their savings into the stock market, as evidenced by a rise in new A-share accounts and trading volumes [7] Fund Performance - The Securities ETF (159841) has seen a notable increase in its component stocks, with major players like Chuangye Securities and Pacific Securities experiencing significant price rises [3] - The ETF has recorded a net subscription of over 150 million shares, indicating strong demand from investors [3] Market Trends - The fund industry is experiencing a shift, with brokerages increasing their market share in equity fund sales, particularly in stock index funds, where they hold a 55% market share [6] - The trend of retail investors entering the market is supported by a decrease in household deposits, suggesting a migration of funds into equity investments [7] Institutional Perspectives - Analysts from various institutions highlight the strengthening position of brokerages in the index fund distribution market, with expectations for continued growth driven by policy support and market trends [8] - The securities sector is benefiting from improved market conditions and high trading activity, with potential for significant growth in the long term due to ongoing capital market reforms [8]

Group 1 - Aerospace ETF Tianhong (159241) has seen a 0.52% increase, marking a three-day upward trend with a trading volume of 57.05 million yuan and a turnover rate of 12.89% [3] - Key component stocks such as Great Wall Industry (601606) rose by 7.39%, Inner Mongolia First Machinery (600967) by 4.06%, and Construction Industry (002265) by 3.78% [3] - The Aerospace ETF Tianhong (159241) has experienced a significant growth of 285 million yuan in scale over the past three months, with a total of 23.2 million shares added [3] Group 2 - The Securities ETF (159841) has reached a new high since its inception, with a scale of 8.311 billion yuan and a total of 7.146 billion shares [3] - The Aerospace ETF Tianhong (159241) has attracted a total of 13.4984 million yuan in inflows over the last ten trading days [3] Group 3 - The Aerospace ETF Tianhong (159241) effectively captures investment opportunities in themes such as low-altitude economy, large aircraft, and satellite internet, benefiting from both policy and market support [4] - The Securities ETF (159841) is designed to provide a concentrated investment in top brokerage firms, with nearly 60% of its holdings in leading firms and 40% in smaller firms, offering a high-efficiency investment tool [4] Group 4 - XPeng Heavens has made significant progress with its "land aircraft carrier" (X3-F) receiving a special flight permit in the UAE, marking a milestone for Chinese flying car companies [5] - The production facility in Guangdong is set to begin operations in Q4 2023, aiming to become the world's first flying car manufacturing base, with 300 million yuan in orders already secured [5] Group 5 - According to AVIC Securities, the aerospace industry is evolving towards smaller, high-intensity, lightweight, reliable, low-cost, and high-performance equipment, increasing the demand for advanced manufacturing technologies [6] - Additive manufacturing technology is highlighted for its advantages in short processing cycles and high material utilization, providing new opportunities for aerospace equipment development [6]

Market Performance - The A-share market showed strong performance with the ChiNext Index rising over 4%, surpassing the 3000-point mark [2] - The Securities ETF (159841) increased by 3.19% with a turnover of 340 million yuan, indicating robust trading activity [2] Fund Flows - The Securities ETF (159841) experienced continuous net inflows over the past 13 days, accumulating a total of 2.096 billion yuan [5] - The ETF's latest scale reached 7.936 billion yuan, with a record high of 703.7 million shares [4] Sector Highlights - Key stocks in the Securities ETF saw significant gains, with Guohai Securities up 10.09% and Pacific Securities up 7.08% [2] - The ETF is heavily weighted towards top-tier brokerages, with nearly 60% of its holdings in the top ten firms, while also including mid-sized brokerages for high growth potential [5] Investment Trends - There is a notable increase in overseas "long money" investing in Chinese assets, with domestic stock funds attracting a net inflow of 6.55 billion USD in the past month [7] - The market is witnessing a trend of brokerages increasing their margin financing limits, reflecting a growing confidence in the market [7] Regulatory Environment - Regulatory encouragement for industry consolidation is evident, with mergers and acquisitions seen as effective strategies for enhancing competitiveness and resource optimization in the brokerage sector [8] - Policies aimed at stabilizing growth and boosting the capital market are expected to continue influencing the sector's trajectory positively [8]

Group 1 - The Securities ETF (159841) has seen active trading with a turnover rate of 9.84% and a significant daily trading volume of 718 million yuan, indicating strong market interest [2] - The ETF experienced a substantial net subscription of over 250 million shares, with a total net inflow of 1.491 billion yuan over the past eight days, including a single-day net inflow of 288 million yuan [2] - The latest scale of the Securities ETF reached 7.377 billion yuan, marking a new high since its inception, with total shares reaching 6.503 billion, the highest in three months [3] Group 2 - As of September 1, the A-share financing balance surged to 2.28 trillion yuan, breaking the previous record of 2.27 trillion yuan set on June 18, indicating increased market participation [3] - The margin trading balance also hit a new high of 2.3 trillion yuan, reflecting a strong bullish sentiment in the market, with both trading volume and margin balances exceeding 2 trillion yuan [3] - In the first half of the year, brokerage firms experienced rapid growth in brokerage and proprietary businesses, leading to an increase in overall revenue and net profit for the industry [4] Group 3 - The active trading environment and policy benefits are driving the valuation recovery of the securities sector, with increased daily trading volumes and record-high margin balances [5] - Several brokerage firms have reported strong performance in asset management and wealth management, with improvements in client scale and asset management capabilities [5] - Leading brokerage firms are focusing on becoming top-tier investment banks, enhancing their comprehensive strength and international competitiveness to promote high-quality industry development [5]