1月9日，A股三大指数集体走强，上证指数站上4100点。 热门ETF中，证券ETF（159841）截至发稿成交额超1亿元。成分股中，华鑫股份、财通证券、华林证 券等涨幅居前。 据Wind数据显示，该ETF盘中实时净申购达1080万份。 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 消息面来看，据证券时报，低配券商板块的现状有望改善。从盈利情况来看，券商2025年毫无疑问将取 得业绩高增，或将驱动券商板块在2026年估值提升，未来板块长期投资配置价值或将进一步凸显。 开源证券也认为，当下券商板块估值和机构持仓仍在低位，过往一年整体滞涨，看好券商板块开年布局 机会，短期看业绩预告和政策端有望带来催化。 国金证券表示，继续重点关注春季躁动行情下低估值券商的补涨机会，强烈推荐估值及业绩错配程度较 大的优质券商；建议关注AH溢价率较高、有收并购主题的券商。 （文章来源：21世纪经济报道） ...

相关ETF中，证券ETF（159841）冲击两连涨，成交额超1.7亿元，交投持续活跃。 12月25日，A股午后集体走强，沪指冲击七连阳，金融股表现活跃，中证全指证券公司指数截至发稿涨 0.43%，东北证券、财通证券、华安证券等多股上涨。 Wind数据显示，截至12月24日，该ETF最新流通规模为103.15亿元，在深市同类产品中规模居首位。 银河证券指出，当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态 势。当前券商板块估值处于历史低位，防御反弹攻守兼备。 对于当前市场，中泰证券认为，当前市场已接近阶段性底部区间，是布局明年上半年、尤其是春节前这 一关键行情窗口的较优时点。从配置方向看，科技板块中的机器人、核电、商业航天，以及非银金融板 块，仍有望成为春季行情的重要主线。 （文章来源：21世纪经济报道） 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 消息面上，沪指连续上涨之际，A股融资余额再度刷新 ...

国信证券表示，根据以往经验来看，春季行情通常集中于上年12月至次年4月，且往往在春节前10–15个 交易日启动。而今年，在美联储如期降息、人民币汇率企稳等多重利好共振下，2026年春季行情或已提 前启动。板块配置方面，市场共识与分歧并存，但科技成长、消费复苏、周期修复三大方向的关注度较 高。与此同时，券商、保险等大金融板块亦获得市场认可，或迎来不容小觑的"跨年攻势"。 （文章来源：21世纪经济报道） 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 消息面来看，据央视新闻，万得数据显示，截至12月19日，全市场ETF规模达5.78万亿元，年内增长超 2万亿元，增速超过53%。增长节奏也很惊人，ETF规模今年短短4个月就从4万亿跃升至5万亿，而此前 从0到1万亿用了整整14年。 中银证券表示，继续看好券商板块估值向上空间。监管持续强化金融功能发挥重要性，勾勒2026年资本 市场改革与行业高质量发展路径，在证券行业景气度上升背景下板块 ...

Group 1 - The A-share market indices collectively rose on December 8, with the securities sector remaining active throughout the day. The Securities ETF (159841) tracking the securities company index increased by 1.97%, with notable gains from firms like Industrial Securities, Northeast Securities, and Huatai Securities [1] - The Securities ETF (159841) experienced a significant increase in trading volume, achieving a single-day transaction amount of 817 million yuan, marking a new high since October. This ETF has recorded three consecutive days of gains [1] - As of December 5, the scale of the Securities ETF reached 10.685 billion yuan, making it the only securities ETF in the Shenzhen market to exceed 10 billion yuan in size, with a circulating share count of 9.873 billion, approaching the 10 billion mark [1] Group 2 - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need for enhanced classified regulation and a "support the strong, limit the weak" approach. This includes easing restrictions for high-quality institutions, optimizing risk control indicators, and appropriately expanding capital space and leverage limits to improve capital utilization efficiency [2] - According to Founder Securities, recent catalysts for the securities sector include the Chairman's remarks on expanding capital space and leverage limits, the successful completion of a merger case by China International Capital Corporation, and the expansion of pilot comprehensive accounts for securities firms, which are expected to drive valuation recovery in the sector [2]

Group 1 - The market is experiencing fluctuations, with funds increasingly investing in ETFs focused on brokerage firms [1] - As of December 1, the Securities ETF (159841) has seen a net inflow of 47.4 million units on December 2, accumulating nearly 245 million yuan over the previous seven trading days [1] - The Securities ETF (159841) has a current scale of 10.63 billion yuan, making it the only securities ETF in the Shenzhen market to exceed 10 billion yuan [1] Group 2 - Recent adjustments have seen several brokerage stocks included in major broad-based indices, enhancing industry representation and market adaptability [2] - The non-bank financial sector is currently undervalued, with an increasing probability of a bull market and significant earnings elasticity [2] - Regulatory support for ETF development and long-term capital inflow is favorable for the financial sector, with the securities industry benefiting from its beta characteristics in a bull market [2]

11月21日，A股三大指数早盘集体下跌。 热门ETF中，证券ETF（159841）截至发稿跌2.45%，成交额超2.58亿元。成分股中，国盛证券、首创 证券涨幅居前。 资金流向来看，Wind数据显示，证券ETF（159841）近10个交易日中有8日获资金净流入，累计"吸 金"超4.3亿元。 此外，值得注意的是，截至发稿，该ETF盘中获净申购超7980万份。 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 中信建投指出，证券行业有望迎来新一轮上行周期，助力金融强国建设。核心驱动来自于三大政策性机 遇：一是政策引导资本市场服务新质生产力。科创板、创业板深化改革推动投行升级价值创造力，匹配 高科技实体企业全生命周期融资需求，打开投行业务中长期增长空间二是政策完善长钱长投生态。社 保、保险等中长期资金入市渠道持续畅通，借权益产品扩容激活券商资管与机构业务增量，推动行业向 配置驱动转型三是政策推动一流投行培育与国际化相辅相成，中资券商可依 ...

Group 1 - The market experienced a rebound on November 19, with both the Shanghai Composite Index and the ChiNext Index closing in the green, while the CSI All Share Securities Companies Index fell by 0.05% [1] - The Securities ETF (159841) recorded a trading volume of 255 million yuan on the same day, with a net inflow of over 340 million yuan in the past five trading days, making it the top performer among similar products [2] - The Securities ETF closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in the A-share market, including both traditional and fintech leaders [2] Group 2 - On the evening of November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced plans for a share swap merger, with CICC issuing A-shares to the shareholders of Dongxing and Xinda Securities [2] - All three companies will suspend trading of their A-shares starting November 20, with the suspension expected to last no more than 25 trading days due to the significant uncertainties surrounding the merger [2] - Huatai Securities indicated that the merger is expected to accelerate the development of a top-tier investment bank and reshape the industry landscape, potentially leading to increased capital strength and profitability for the merged entity, although the integration process will need to be monitored [2]

在机构看来，目前监管明确鼓励行业内整合，在政策推动证券行业高质量发展的趋势下，并购重组是券 商实现外延式发展的有效手段，券商并购重组对提升行业整体竞争力、优化资源配置以及促进市场健康 发展具有积极作用，同时行业整合有助于提高行业集中度，形成规模效应。而伴随业绩改善、并购重组 和再融资稳步推进，证券公司ROE回升趋势或仍未结束，证券板块上涨核心驱动仍然较强。 值得注意的是，热门ETF中，证券ETF（159841）已连续7个交易日获资金净流入，份额累计增加了4.37 亿份，累计吸金近5亿元，最新规模突破107亿元，连创新高。 分析认为，本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质量发展。通过重 组各方能力资源的有机结合、优势互补，力争在合并后实现规模经济和协同效应，提高公司服务国家战 略和实体经济的质效，并提升股东回报水平。 11月19日晚间，中金公司、东兴证券、信达证券发布《关于筹划重大资产重组的停牌公告》，三家公司 正在筹划由中金公司通过向东兴证券和信达证券全体A股换股股东发行A股股票的方式换股吸收合并东 兴证券、信达证券。 （文章来源：每日经济新闻） ...

Group 1 - Major restructuring in the securities industry as China International Capital Corporation (CICC) announces plans to merge with Dongxing Securities and Xinda Securities through a share exchange method [1] - The merger aims to accelerate the establishment of a first-class investment bank and support the reform of the financial market and high-quality development of the securities industry [1] - A-share indices have shown significant growth this year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 17.75%, 25.59%, and 43.67% respectively, while the CSI Securities Company Index has only risen by 3.26% [1] Group 2 - The securities ETF (159841) has seen substantial inflows, attracting 442 million yuan in the last five days and a total of 5.338 billion yuan over the past 60 days, reaching a new high of 10.703 billion yuan in total assets [2] - This ETF closely tracks the CSI All Share Securities Company Index and includes 49 listed brokerage stocks, with 60% of its holdings concentrated in the top ten leading brokerages [2] - Analysts from Guotai Junan Securities suggest that the shift towards equity assets due to declining fixed-income yields, combined with strong quarterly earnings, will continue to drive investment into the brokerage sector [2]

Core Viewpoint - The securities sector shows signs of recovery despite a slight decline in the index, with significant trading activity in the only billion-scale securities ETF in the Shenzhen market, indicating ongoing investor interest in the sector [1][2]. Group 1: ETF Performance - The CSI All Share Securities Company Index fell by 0.18%, with a drop of nearly 0.5% at one point during the afternoon session [1]. - The securities ETF (159841) recorded a trading volume exceeding 200 million yuan, with a net subscription of 9.6 million units [1]. - Over the past ten trading days, the ETF has seen a net inflow of over 500 million yuan, bringing its total size to 10.703 billion yuan [1]. Group 2: Industry Performance and Outlook - The overall performance of the securities and insurance sector remains stable, with 46 brokerages reporting a total net profit of 69.9 billion yuan, a year-on-year increase of 59% and a quarter-on-quarter increase of 25% [2]. - Brokerage business revenue grew by 90.6% year-on-year, driven by improved equity investment returns and underwriting profits [2]. - Despite a lack of major catalysts this year, the securities and insurance sector is considered to have strong elasticity, making it a potential area of interest for investors [2]. - The brokerage sector is expected to benefit from increased allocation of equity assets by institutions and long-term capital inflows, which could enhance performance [2].