截至2025年10月29日午间收盘，中证全指证券公司指数(399975)上涨2.26%，样本股华安证券(600909)上 涨10.05%，东北证券(000686)上涨9.73%，长江证券(000783)上涨4.98%，广发证券(000776)，东兴证券 (601198)等个股均上涨。 证券ETF建信紧密跟踪中证全指证券公司指数。中证全指证券公司指数为反映中证全指指数样本中不同 行业公司证券的整体表现，为投资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级 行业、35个二级行业、90余个三级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部 证券作为样本编制指数，形成中证全指行业指数。 10月29日早盘，A股主要指数震荡走强，沪指再度站上4000点上方，券商板块活跃向上。 截至10月27日，已有5家上市券商披露了2025年三季报，其中包括龙头中信证券、东方财富。整体来 看，目前披露业绩的多家上市券商实现了营业收入和净利润"双增长"。 10月28日，证券ETF建信(515560)所跟踪指数成分股之一——华安证券发布2025年第三季度报告，第三 季度实现营业收入16.16亿元，同比增长60 ...

Core Viewpoint - The article discusses the challenges faced by financial institutions in Taiwan and mainland China regarding the practice of "self-funding" to meet ETF sales targets, highlighting the negative returns associated with this practice in recent years [1][2][3]. Group 1: Self-Funding and Negative Returns - The phenomenon of "self-funding" exists across various industries, but negative expected returns in the fund industry are rare [3]. - For example, newly launched stock ETFs in 2020 had an average net value increase of approximately 1.5% from establishment to listing, allowing managers to lock in profits through market transactions [5]. - However, by 2021, self-funding behavior began to yield negative returns, with an average net value performance of -1% for self-funded ETF subscriptions [6]. - In some cases, such as a specific startup board ETF, losses could exceed 10% by the time of listing [8]. Group 2: Accelerated Construction Periods - The article notes that the construction period for ETFs has significantly decreased, from an average of 28 days in 2020 to just 11 days by 2025 [12]. - This rapid construction leaves fund managers with limited opportunities for market timing, leading to a mechanical approach to building positions [13][19]. - The average construction time for ETFs has remained under 15 days from 2021 to 2025, making it challenging for managers to find suitable entry points [18]. Group 3: Successful Timing by Fund Managers - Data shows that certain fund managers have successfully timed their ETF launches, resulting in significant profits for initial investors [20]. - For instance, the "Chip ETF Leader" managed by GF Fund earned nearly 386 million yuan for its initial subscribers [21]. - The timing of these successful launches often coincided with favorable market conditions, such as the semiconductor industry's growth during the trade war [23]. Group 4: Investor Experience and Fund Management - The article emphasizes that while ETF products are primarily tools for market participation, the experience of initial investors is crucial [28]. - It suggests that fund managers should consider the timing of product issuance and the length of the construction period to enhance investor returns [29].

Group 1 - The joint statement from the US-China Geneva trade talks exceeded expectations, leading to a significant rise in US stocks, which is anticipated to positively impact A-shares despite a disappointing performance recently [1] - A-shares opened high but faced profit-taking, resulting in a decline after the initial surge, although the overall market pressure is easing [1] - The banking sector has shown resilience, with the Shenwan Bank Index recording a 6-day consecutive rise and an over 8% increase year-to-date, outperforming other sectors like technology and media [3][6] Group 2 - The non-bank financial sector experienced a strong rally, with significant gains in stocks such as China Pacific Insurance and Hongta Securities, indicating a shift in market sentiment [11] - The non-bank financial sector remains down 3% year-to-date, ranking among the bottom sectors, but recent inflows suggest a potential turnaround [11][13] - The financial sector's performance is bolstered by recent policy changes, including interest rate cuts and liquidity support, which are expected to enhance profitability and attract more investments [14][15]