Core Viewpoint - The A-share market experienced a volatile pullback, with the Shanghai Composite Index declining by 0.7%, while the securities sector showed signs of resistance with increased capital inflow into the leading securities ETF (560090) despite a three-day decline [1]. Group 1: Market Performance - As of 14:15, the leading securities ETF (560090) fell by 0.45% with a trading volume exceeding 120 million yuan, marking a continuous three-day increase in capital inflow of over 120 million yuan [1]. - The component stocks of the securities ETF showed mixed performance, with some stocks like Industrial Securities and Guotai Junan slightly rising, while others like Dongfang Securities fell over 1% [2]. Group 2: Earnings and Growth - The securities sector reported a significant profit growth of 62% in the third quarter, with total revenue for 42 listed securities firms reaching 419.56 billion yuan, a year-on-year increase of 17.02% [4]. - The increase in earnings was driven by active market trading, with brokerage and margin financing businesses benefiting from favorable policies, and a recovery in investment banking and asset management sectors [4][5]. Group 3: Valuation and Investment Outlook - Current market sentiment may be overly focused on short-term trading pressures, overlooking the substantial recovery in the securities industry's fundamentals across various sectors, including investment banking and asset management [5]. - The leading securities ETF (560090) has shown a cumulative increase of 20% over the past six months, outperforming 56% of its component stocks, indicating a high cost-performance ratio for investors [5][6].