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） ...

作为深市唯一百亿规模的证券ETF（159841），其密切跟踪中证全指证券公司指数，一键囊括49只上市 券商股，6成仓位集中于十大龙头券商，4成仓位兼顾中小券商，是布局券商股的高效率投资工具，对应 场外联接基金（A：008590，C：008591）。 证券业又一重大重组，三大券商官宣：合并！11月19日晚，中金公司公告称，公司与东兴证券、信达证 券正在筹划由中金公司通过换股方式吸收合并东兴证券、信达证券。为保证公平信息披露，维护投资者 利益，避免造成公司股价异常波动，公司A股股票将于2025年11月20日开市时起停牌，预计停牌时间不 超过25个交易日。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。 今年以来A股主要指数年内均实现显著上涨，上证指数、深证成指和创业板指涨幅分别达到17.75%、 25.59%和43.67%。 相比之下，代表券商板块整体表现的中证全指证券公司指数同期涨幅仅为3.26%，明 显落后于大盘走势。 国泰海通证券指出，今年以来，机构因固收资产收益率下行从而系统性增配权益资产，中长期资金入市 带来的财富效应，将接续带动居民资金入场，叠加三季报业绩普遍高增，后续业绩有 ...

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].

刚刚科技板块带领A股V型拉升，创业板ETF天弘(159977)直接翻红上涨0.06%，盘中获得资金申购 2600万份，证券ETF（159841）涨幅扩大至0.63%。 外资继续唱多中国股市，摩根士丹利预计明年中国股市将取得温和涨幅，到2026年底，恒生指数、 国企指数、沪深300指数相较于昨天收盘，分别约有4%、4%和5%的上行空间，配置上将超配高质量的 互联网和科技龙头股。 事实上，先知先觉的ETF资金持续扫货百亿证券ETF（159841，C类008591），已经连续5日获得资 金净申购，近10日合计"吸金"5.77亿元。该ETF一键配置A股券商龙头，最新规模106.6亿元，是深市规 模最大、流动性最好的证券ETF。 创业板ETF天弘（159977，联接C:001593）跟踪创业板指，是科技成长的代表性指数，以新能源产 业为引领，一举囊括"新能源+医药+算力+券商"四大高成长行业，覆盖高端制造、信息科技、生物医药 等中国具有全球竞争优势的战略性新兴产业领域，该ETF最新规模90.06亿元，管理费+托管费合计为 0.2%，居市场最低档。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观 ...

Group 1 - The three major indices collectively declined, while the brokerage sector rose, with the CSI All Share Securities Company Index increasing by 0.25% [1] - Major stocks in the brokerage sector, such as Huatai Securities and Guosheng Securities, saw gains of over 2%, while Jinlong Co., Industrial Securities, and GF Securities rose by over 1% [1] - The Securities ETF (159841) experienced a net inflow of 173 million yuan on November 17, marking five consecutive trading days of net inflows, totaling 456 million yuan [1] Group 2 - The brokerage sector is generally optimistic about the securities industry in 2026, anticipating a combination of overall valuation recovery and structural opportunities, with market drivers shifting from valuation recovery to profit fundamentals [1] - Key growth areas identified include wealth management, investment banking, internationalization, and technology empowerment [1] - The Securities ETF (159841) closely tracks the CSI All Share Securities Company Index, focusing on large-cap securities leaders, including both traditional and fintech leaders [1] Group 3 - The valuation of the securities sector remains at a historically low relative level, with estimates suggesting a steady increase in the net asset return rate to approximately 7.2% by 2026, which would be above the 70th percentile since 2016 [2] - The industry valuation is currently positioned at the 40th percentile since 2016, indicating ample room for the sector's elasticity to be released [2]

昨日（11月11日），市场全天震荡调整，三大指数高开低走。证券板块回调。 热门ETF中，深市唯一百亿规模的证券ETF（159841）昨日收跌1.05%，成交额3.24亿元，换手率 3.09%，全天交投活跃。 成分股中，东北证券、锦龙股份、华创云信、华安证券、中泰证券上涨。 值得注意的是，Wind数据显示，证券ETF（159841）昨日（11月11日）获净申购达3720万份。 财信证券认为，在全球科技投资热情不减、"反内卷"政策持续推进、居民储蓄入市等因素支撑下，本轮 慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 （文章来源：21世纪经济报道） 资金流向方面，Wind数据显示，该ETF近20日（截至11月10日）获资金净流入累计超6.4亿元。该ETF 最新规模（截至11月10日）为105.56亿元。 深市唯一百亿证券ETF（159841）跟踪中证全指证券公司指数，中证指数官网显示，截至11月10日，该 指数前十大成分股权重超过60%，一键配置券商龙头，机构看好该行业受益于慢牛行情。 消息面上，据证券日报，在政策红利与市场机遇的双重作用下，海外主权基金正持续加大对华投资力 度，并呈现"规模扩大、领域 ...

Group 1 - The Shanghai Composite Index opened lower but rebounded to surpass 4000 points during the morning session, closing down 0.16% [1] - The Securities ETF (159841) saw a decline of 0.79% with a half-day trading volume of 263 million yuan, making it the top performer among similar products in the Shenzhen market [1] - The Securities ETF has experienced net inflows for 15 out of the last 20 days, accumulating over 1 billion yuan in total [1] Group 2 - The A-share margin financing balance reached approximately 2.4916 trillion yuan as of November 4, representing 2.57% of the circulating market value, maintaining above 2.5% for 19 consecutive trading days [2] - The margin financing amount for listed brokers increased significantly from 1.56 trillion yuan at the end of June to over 2 trillion yuan [2] - Brokers are expected to benefit from improved policies and reforms, with opportunities for growth through both external and internal development strategies [2]

华泰证券表示，看好券商业绩成长性和高性价比的价值修复机遇，建议重点关注具备估值优势的A股龙 头及特色中小券商。 值得注意的是，创业板ETF天弘（159977）早盘收涨1.46%，盘中一度上涨超1.8%，成交额超1.1亿 元，成分股中，胜宏科技、锦浪科技、长川科技、协创数据均涨超4%。 资金流向方面，该ETF连续4个交易日"吸金"累计超1.7亿元。 创业板ETF天弘（159977）紧密跟踪创业板指，管理费率0.15%，托管费率0.05%，处于全市场指数基金 费率中的最低一档。 消息面上，据证券日报，近期，多家外资机构上调对中国全年经济增速的预期，并看好中国资产。据了 解，外资机构大多看好中国的科技发展和出口增长，整体传递出对中国经济前景的乐观预期。 11月6日，A股三大指数早盘持续活跃，截至早盘收盘，上证指数重返4000点，深证成指、创业板指均 涨超1%。 板块方面，"牛市旗手"证券板块持续走强，热门ETF中，证券ETF（159841）截至早盘收盘上涨 1.25%，成交额超2.9亿元，交投活跃。 成分股中，东北证券涨超7%，国信证券、华泰证券、广发证券、长江证券等多股集体走强。 按照申万二级行业分类来看，目前证 ...