1月6日早盘，A股三大指数集体走强，沪指、深证成指双双涨超1%，沪指突破2025年11月14日的阶段高点4034.08点，刷新2015年7月底以来的新高，强势冲 击13连阳，全市场超3500只个股上涨。券商板块也随市大涨，"旗手"强势回归，那么2026年券商板块将如何演绎呢？ 【2026年关注券商板块业绩与估值的戴维斯双击！】 1月6日，A股市场震荡上行，开门红行情延续，沪指涨超1%，再创近10年新高，冲击13连阳！截至14:07"行情旗手"证券ETF龙头(560090)爆量涨超3%，成交 额超3亿元，拉长阳冲击两连阳！ | 分时 多日 1分 5分 15分 30分 60分 = | 综合屏 F9 前复权 超级叠加 画线 工具 令 (? > | | | --- | --- | --- | | 560090.SH[证券ETF龙头] 2026/01/06 收1.365 幅3.17%(0.042) 开1.323 高1.372 低1.321 均1.358 量 四 | | | | MA5 1.321↑ MA10 1.313↑ MA20 1.304↑ MA60 1.313↑ MA120 1.324↑ MA250 1.246î ...

证券ETF龙头（560090）标的指数成分股多数上涨，中银证券涨超5%，兴业证券涨超3%，光大证券、东方财富、东方证券等涨超1%，中信证券、国泰海通 等微涨。 | 【证券ETF龙头（560090）标的指数前十大成分股】 | | --- | | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 300059 | 东方财富 | 非银金融 | 1.20% | 14.23% | | 2 | 600030 | 中信证券 | 非银金融 | 0.21% | 13.68% | | 3 | 601211 | 週夜漫画 | 非银金融 | -0.19% | 11.06% | | 4 | 601688 | 华泰证券 | 非银金融 | 0.38% | 6.50% | | 5 | 600999 | 招商证券 | 非银金融 | 0.06% | 3.07% | | 6 | 000776 | 广发证券 | 非银金融 | 0.68% | 3.02% | | 7 | 600958 | 东方证券 | 非银金融 | 1.11% | 2.64 ...

12月18日，A股市场走势分化，券商板块承压，证券ETF龙头（560090）开盘震荡回调，截至9:40，放量跌近1%。 证券ETF龙头（560090）标的指数成分股多数回调，受并购重组消息利好，东兴证券涨停，中金公司涨停价开盘，目前仍然涨超6%，信达证券涨超6%，天 风证券、国盛证券等微涨，东方财富、中信证券等系数回调。 【证券ETF龙头（560090）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 601198 | 东兴证券 | 非银金融 | 9.98% | 1.01% | | 2 | 601995 | 中金公司 | 非银会融 | 6.76% | 1.61% | | 3 | 601059 | 信达证券 | 非银金融 | 6.69% | 0.82% | | 4 | 601162 | 天风证券 | 非银金融 | 0.24% | 1.41% | | 5 | 002670 | 国盛证券 | 非银金融 | 0.24% | 0.51% | | 6 | 601099 | 太平洋 | ...

Core Viewpoint - The brokerage sector experienced a strong rebound driven by favorable policy announcements, with significant gains in major securities ETFs and constituent stocks [1][3]. Group 1: Market Performance - As of 10:06 on December 8, the leading securities ETF (560090) surged over 2%, reaching a peak increase of over 3%, marking a potential three-day rally [1]. - All constituent stocks of the securities ETF saw substantial increases, with notable performances including a limit-up for Industrial Securities and over 4% gains for Huatai Securities [3]. Group 2: Regulatory Developments - On December 6, regulatory leaders delivered a speech emphasizing the need to accelerate the development of first-class investment banks and institutions, mentioning the relaxation of restrictions for quality institutions and differentiated regulation for small and foreign brokerages [5]. - The recent adjustments in regulations are expected to enhance the capital space and leverage limits for brokerages, potentially leading to improved return on equity (ROE) for quality firms [6]. Group 3: Insurance Capital Market Involvement - On December 5, a new notification was issued to adjust risk factors related to insurance companies, which is anticipated to improve their solvency ratios and encourage long-term investments in the market [7]. - Analysts predict that the adjustments will lead to an influx of insurance capital into the market, with estimates suggesting that up to 1,086 billion yuan could be allocated to the stock market if insurance companies increase their equity investments [8][9].

Core Viewpoint - The A-share market experienced a significant decline on November 21, with over 5,000 stocks falling, leading to a 2.45% drop in the Shanghai Composite Index, which fell below 3,900 points, and a 4.02% drop in the ChiNext Index [1] Group 1: Market Performance - The securities sector followed the market trend, with the leading securities ETF (560090) dropping 3.45%, reflecting a bearish sentiment with two consecutive days of decline [1] - Despite the overall market downturn, the securities ETF (560090) attracted over 100 million yuan in capital inflow over the past five days, indicating active buying interest [1] Group 2: Securities Sector Analysis - Nearly all component stocks of the securities ETF (560090) experienced declines, with notable drops including over 5% for Industrial Securities and over 4% for Huatai Securities and GF Securities [3] - The securities sector has seen a slight decline of 0.79% year-to-date, but the net profit growth for the first three quarters reached 62%, highlighting its high growth potential despite current low valuations [5] Group 3: M&A Activity and Future Outlook - The recent merger activity, particularly the absorption of Dongxing Securities and Xinda Securities by China International Capital Corporation (CICC), is expected to reignite investor interest in securities stocks [6][7] - Analysts are optimistic about the long-term growth potential and valuation recovery of the securities sector, driven by active market trading and a stable capital market environment [7][8]

Core Viewpoint - The A-share market is experiencing a strong upward trend driven by merger and acquisition activities, particularly in the brokerage sector, with significant inflows into the securities ETF leading to notable price increases [1][5]. Group 1: Market Performance - On November 20, the A-share market showed a strong upward movement, particularly in the brokerage sector, catalyzed by merger events [1]. - The leading securities ETF (560090) saw a substantial increase of over 1%, with a trading volume of 100 million yuan, and has experienced a net inflow of over 10 million yuan over the past four days [1]. - Major component stocks of the securities ETF also surged, with notable increases such as a 6% rise in Shichuang Securities and over 3% in Dongfang Securities and Shenwan Hongyuan [2][3]. Group 2: Mergers and Acquisitions - On November 19, China International Capital Corporation, Xinda Securities, and Dongxing Securities announced a suspension of trading due to a major asset restructuring plan, which involves a share swap merger led by CICC [5]. - This merger is expected to create a combined asset total exceeding 1 trillion yuan, marking a significant consolidation in the brokerage industry [5]. - The merger is seen as a response to regulatory calls for creating a first-class investment bank and promoting industry consolidation, following the merger of Guotai Junan and Haitong Securities [6]. Group 3: Industry Trends and Outlook - The brokerage industry is entering a new era characterized by consolidation driven by leading firms, as indicated by recent mergers [6]. - The outlook for the securities industry includes sustained high activity levels in wealth management, increased importance of proprietary equity investments, and rapid development of international business [7]. - The industry is expected to continue its supply-side reforms, with an increase in concentration despite a slowdown in new mergers [7]. Group 4: Investment Opportunities - The securities ETF (560090) is highlighted as a cost-effective asset with high growth potential, having achieved a cumulative increase of 20% over the past six months, outperforming 56% of its component stocks [8]. - The ETF tracks the CSI All Share Securities Companies Index, with the top five component stocks accounting for approximately 48% and the top ten for 60% of the index [8].

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].

Core Viewpoint - The securities sector is experiencing a strong rally, with the Shanghai Composite Index surpassing 4000 points, driven by significant inflows into leading securities ETFs, particularly the Securities ETF Leader (560090) [1][8]. Group 1: Market Performance - As of October 29, the Securities ETF Leader (560090) saw a sharp increase of over 2%, with trading volume reaching 240 million yuan [1]. - The leading stocks within the Securities ETF index all experienced gains, with notable performances from Huazhong Securities and Northeast Securities hitting the daily limit, and others like Dongxing Securities and GF Securities rising over 5% and 4% respectively [3]. - The top ten constituent stocks of the Securities ETF Leader (560090) include Dongfang Wealth (15.30% weight), CITIC Securities (13.68% weight), and Huatai Securities (5.22% weight) [3]. Group 2: Financial Performance - Ten listed companies in the securities sector reported third-quarter results, with a collective surge in net profit, the highest growth reaching 191% [4]. - CITIC Securities reported a net profit exceeding 20 billion yuan, leading the sector in profitability [4]. - Huazhong Securities disclosed a third-quarter revenue of 4.423 billion yuan, a year-on-year increase of 67.32%, with a net profit of 1.883 billion yuan, up 64.71% [3][5]. Group 3: Industry Outlook - The securities sector is expected to maintain its upward trajectory, with projected adjusted revenue for 45 listed securities firms reaching 158.1 billion yuan in Q3 2025, a year-on-year increase of 50% [6]. - The overall revenue for these firms in the first three quarters of 2025 is anticipated to be 398.7 billion yuan, reflecting a 44% increase compared to the previous year [6]. - Despite strong performance metrics, the sector's stock price growth has lagged, with a cumulative increase of only 7% in the first three quarters, ranking 22nd among 34 industry indices [6][7]. Group 4: Investment Strategy - The Securities ETF Leader (560090) offers a strategic investment option, encompassing 49 listed securities firms, with the top five stocks accounting for approximately 48% of its holdings [7]. - The ETF has outperformed 56% of its constituent stocks with a 20% increase over the past six months, making it a viable choice for investors looking to capitalize on the securities sector's performance [7][8].

Group 1 - The A-share market is experiencing profit-taking sentiment, with major indices showing fluctuations and a trading volume exceeding 2 trillion yuan for 30 consecutive days [1] - The Shanghai Composite Index briefly fell below 3,800 points, closing down 0.18%, while the ChiNext Index saw a rebound before closing slightly positive [1] - Despite a weak market performance, there is a strong inflow of funds into the securities sector, with the leading securities ETF attracting nearly 800 million yuan in the past 20 days [1] Group 2 - The technology sector now accounts for over 25% of the A-share market capitalization, indicating a significant shift in the capital market's structure and regulatory logic [3] - Long-term capital holding A-shares has increased by 32% compared to the end of the 13th Five-Year Plan, with foreign capital holding 3.4 trillion yuan in A-shares [3] Group 3 - The securities industry is on an upward trend, characterized by relative undervaluation and high year-on-year growth in performance, with potential for further valuation recovery [4] - In the first half of the year, 39 listed securities firms achieved a net profit of 102.1 billion yuan, a year-on-year increase of 63.1%, with an annualized ROE of 7.81% [4] - The securities ETF tracks the CSI All Share Securities Companies Index, encompassing 49 listed securities firms, with the top five constituents accounting for approximately 48% of the total [4] Group 4 - The market is highly active with favorable policies and a wave of mergers and acquisitions in the securities sector, presenting multiple catalysts for growth [5] - The leading securities ETF serves as an efficient investment tool for gaining exposure to the securities sector, with options for investors without securities accounts to invest in linked funds [5]

Market Overview - On September 18, the market experienced a high and then a decline, with the Shanghai Composite Index reaching a nearly ten-year high of 3899.96 points before closing down over 1% [1] - More than 4300 stocks in the two markets retreated, with a trading volume exceeding 3.16 trillion yuan, marking a significant increase after 15 days [1] Securities ETF Performance - The leading Securities ETF (560090) saw a significant drop of over 3% with a trading volume surge to 400 million yuan, nearly doubling from the previous day [1] - The Securities ETF has accumulated over 180 million yuan in inflows over the past four days [1] Component Stocks Analysis - Most of the top ten component stocks of the Securities ETF experienced declines, with Dongfang Caifu down over 4% and CITIC Securities down over 2% [3][4] - The top ten component stocks include: - Dongfang Caifu (16.51% weight, -4.75%) - CITIC Securities (13.15% weight, -2.21%) - Huatai Securities (4.75% weight, -3.11%) [4] Domestic Liquidity Insights - Domestic liquidity remains high, with a significant amount of household savings (160-170 trillion yuan) compared to the A-share market capitalization (over 100 trillion yuan), indicating potential for further investment in the stock market [4] - Although there was a decrease in household deposits in July, this was attributed to a seasonal return to financial products rather than a direct outflow into the stock market [4] Foreign Capital Flow - External funds are expected to continue flowing into the A-share market, supported by anticipated interest rate cuts in the U.S. and a favorable valuation environment for A-shares [7] - The potential for 3 to 4 interest rate cuts this year could enhance liquidity and provide additional upward momentum for A-shares [7] Investment Strategy - The Securities ETF (560090) is positioned as an efficient investment tool for exposure to the securities sector, tracking the CSI All Share Securities Companies Index [7] - The current market conditions, including active trading and favorable policies, suggest a strong rebound potential for the securities sector [7]