证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务与证券市场紧密 相关的上市公司证券作为指数样本，涵盖经纪、承销、自营等业务领域，以反映证券行业相关上市公司 证券的整体表现。成分股具有显著的周期性和市场敏感性特征。 平安证券指出，证券板块近期市场景气度改善，交投活跃度维持高位，周度股基日均成交达2.33万亿 元，板块从估值到业绩均具备β属性，全面受益。长期来看，资本市场新一轮改革周期开启，券商仍有 较大发展增量空间。此外，《养老机构预收费存管工作指引》的发布优化了养老金融服务环境，为构建 多层次养老金融体系提供制度保障。 （文章来源：每日经济新闻） ...

东吴证券指出，行业并购整合加速，中金公司拟换股吸收合并东兴证券、信达证券，合并后总资产将达 1万亿元，排名行业第四。证监会提出将提高外资参与便利度，深化资本市场改革，强化稳市机制建 设。受益于市场回暖及政策环境友好，经纪、投行、资本中介等业务均有望改善。行业转型持续推进， 优质券商有望通过创新业务打开增长空间。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 平安证券指出，近期市场景气度改善、交投活跃度维持高位，证券板块从估值到业绩均具备β属性，全 面受益。长期看资本市场新一轮改革周期开启，券商仍有较大发展增量空间。 每日经济新闻 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务涉及证券经纪、 承销与保荐、自营等领域的上市公司证券作为指数样本，以反映证券行业相关上市公司证券的整体表 现。该指数覆盖了中国A股 ...

每日经济新闻 （责任编辑：张晓波 ） 【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、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及资本市场服 务、证券经纪、投资银行等业务的上市公司证券作为指数样本，以反映证券行业相关上市公司证券的整 体表现。该指数覆盖不同规模的证券公司，全面展现金融服务领域的市场动态。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 平安证券指出，证券行业近期市场景气度改善、交投活跃度维持高位，板块从估值到业绩均具备β 属性，全面受益。长期看资本市场新一轮改革周期开启，券商仍有较大 ...

中信建投指出，证券行业正经历头部券商整合加速，供给侧改革持续推进，推动行业高质量发展。近期 中金公司计划通过换股吸收合并东兴证券和信证券，这是政策驱动下头部券商资源整合的重要步骤，将 进一步增强证券行业的马太效应，提高中资券商在全球市场的定价话语权。 （文章来源：每日经济新闻） 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务与证券市场紧密 相关的上市公司证券作为指数样本，涵盖经纪、投行、自营等业务领域，以反映证券行业相关上市公司 证券的整体表现。该指数具有较高的行业集中度和周期性特征，能够较好地体现证券行业的市场走势。 ...

Core Viewpoint - The integration of Central Huijin-backed brokerages marks a significant step in the securities industry's consolidation, with China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities through a share exchange [1] Group 1: Mergers and Acquisitions - CICC, Dongxing Securities, and Xinda Securities have announced a suspension of trading to plan a major asset restructuring involving a share exchange for the merger [1] - The merger is expected to enhance the scale and comprehensive strength of large brokerages while allowing smaller firms to achieve rapid growth through external acquisitions [1] Group 2: Market Trends - The ongoing mergers and acquisitions are driving funds into securities ETFs, with the securities ETF (512880) seeing an increase of over 26 billion units this year, bringing its total size to over 61.7 billion yuan, leading its category [1] - The brokerage industry has experienced high growth in performance, with listed brokerages reporting a year-on-year increase in operating revenue and net profit attributable to shareholders of +43% and +63%, respectively, in Q3 2025 [1] Group 3: Future Outlook - The market outlook suggests a continued slow bull market, with brokerages being viewed as "bull market leaders" despite overall stagnation, indicating a potential for increased attention and portfolio allocation [1]

Group 1 - The US and Asia-Pacific stock markets experienced a collective decline, with A-shares dropping significantly; the Shanghai Composite Index fell by 2.45% to 3834 points, the Shenzhen Component Index decreased by 3.41%, and the ChiNext Index dropped by 4.02% [1] - The total market turnover reached 1.98 trillion yuan, an increase of 261 billion yuan compared to the previous trading day, indicating a heightened selling pressure [1] - The sentiment in the market is generally cold, with over 5000 stocks declining, except for some activity in the military sector [1] Group 2 - The expectation for a Federal Reserve interest rate cut has diminished, with the September non-farm payroll report showing an increase of 119,000 jobs, surpassing expectations; this led to a rapid decline in the probability of a rate cut in December to below 40% [1] - The tightening of overseas liquidity is expected to exert pressure on the valuations of global growth sectors [1] - In the AI sector, Google launched a new multimodal AI model, "Second Generation Nano Banana," which significantly improves image quality and accuracy; combined with Nvidia's better-than-expected earnings, the demand for computing power remains in a high-growth phase [1] Group 3 - The new energy sector saw a significant pullback, particularly in lithium carbonate and iron lithium cathodes, with noticeable capital outflow despite lithium carbonate prices exceeding 100,000 yuan per ton due to supply concerns [2] - The market is currently focused on long-term contract negotiations between material manufacturers and battery factories, with full orders potentially weakening the pricing power of battery manufacturers [2] - The securities industry is experiencing a wave of mergers, reflecting the steady progress of the new "National Nine Articles" aimed at building first-class investment banks, which may optimize the competitive landscape and enhance overall industry efficiency [2]

证券ETF（512880）11月20日小幅震荡，收跌0.33%。金融ETF（510230）延续上涨态势，收涨0.64%。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风险，提请 投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 资料来源：wind 信达证券、东兴证券原为AMC系券商，在投行、资管等领域具备差异化特色，或可对中金公司多个业务条线实现 强化。合并后中金公司在辽宁、福建的网点覆盖密度将进一步提升，实现区域优势的互补。此外，中金旗下中金基 金、信达证券旗下信达澳亚、东兴证券旗下东兴基金或将迎来整合。三家券商拟停牌不超过25个工作日，可持续关注 合并进展与复盘后业绩表现。（仅用作行业分析，不构成个股投资建议） 近年来券商行业内部并购重组浪潮迭起。在政策支持下，券业供给侧格局优化持续推进，进一步提高行业运营效 率。大中型券商通过行业整合强化优势地位，业绩基本面有望持续优化。感兴趣的投资者可适当关注证券ETF （512880）。 银行方面，2025年A股上市银行中期分红、三季度分红规模再创新高。根据Wind数据 ...

证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务与证券市场紧密 相关的上市公司证券作为指数样本，覆盖证券经纪、承销保荐、资产管理等核心业务领域，以反映证券 行业相关上市公司证券的整体表现。成分证券多为具备较强市场竞争力和较高市值的证券行业企业。 （文章来源：每日经济新闻） 消息面上，中金公司、信达证券、东兴证券公告筹划重大资产重组事项，三者均为汇金系券商。中金公 司将通过换股方式吸收合并信达证券与东兴证券。根据2025年三季报，中金公司总资产为7649亿元，在 上市券商中排名第六；信达证券、东兴证券总资产分别为1283亿元、1164亿元。若以简单加总方法估 算，三家合并后总资产将突破万亿元，位居行业第四。 相关机构表示，信达证券、东兴证券原为AMC系券商，在投行、资管等领域具备差异化特色，或可对 中金公司多个业务条线实现强化。合并后中金公司在辽宁、福建的网点覆盖密度将进一步提升，实现区 域优势的互补。此外，中金旗下中金基金、信达证券旗下信达澳亚、东兴证券旗下东兴基金或将迎来整 合。三家券商拟停牌不超过25个工作日，可持续关注合并进展与复盘后业绩表现。（仅用作行业分析， ...

Market Overview - A-shares continued to show volatility, with major indices opening high and closing low. The Shanghai Composite Index fell by 0.4% to 3931.05 points, while the Shenzhen Component Index dropped by 0.76%, and the ChiNext Index decreased by 1.12% [1] - The total trading volume in the A-share market was 1.72 trillion yuan, slightly down from 1.74 trillion yuan the previous day, indicating a reduction in market activity [1] - Over 3800 stocks in the market declined, reflecting a fast rotation of sector performance and an ongoing consolidation pattern [1] Banking Sector - As of November 20, 2025, 26 out of 42 listed banks announced mid-term or third-quarter dividends, with a total proposed payout of approximately 264.6 billion yuan, marking an increase from 258.3 billion yuan last year [3] - The banking sector's net interest margin is under pressure but is expected to stabilize gradually, maintaining a solid fundamental outlook [3] - High dividend yields in a low-interest environment make bank stocks attractive for long-term investment, with the banking sector's P/B valuation still at a low level, indicating potential for improvement [3] Securities Industry - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities announced plans for a major asset restructuring, with CICC set to absorb the other two through a share swap [2] - The combined total assets of the three firms post-merger are expected to exceed 1 trillion yuan, positioning them as the fourth largest in the industry [2] - The merger aims to enhance CICC's capabilities across various business lines and improve regional coverage in Liaoning and Fujian [2] Technology Sector - NVIDIA reported Q3 FY26 revenue of $57 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, exceeding market expectations [4] - The data center segment generated $51.2 billion in revenue, also surpassing forecasts, with Q4 revenue guidance suggesting a new record high [4] - The introduction of Google's Gemini 3 Pro AI model has shown significant performance improvements over its predecessor, indicating strong competition in the AI space [6] Semiconductor and Memory Market - Flash wafer prices remained stable, while DDR memory prices have seen significant increases, with DDR4 memory prices doubling in some cases due to rising costs [7] - NVIDIA's decision to switch server memory from DDR5 to LPDDR5X to reduce power consumption may lead to price increases for older generation products [7] - The semiconductor industry is expected to see continued growth in capital expenditures, particularly in high-end products like optical modules [11]

消息面，11月19日晚，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》，中金公司正筹划换股吸收合并东兴证券、信达证券，拟向东兴和信达全体A股换股股东发行A股 股票。三家公司A股、H股股票将于11月20日停牌，预计不超25个交易日。 相关机构表示，合并事件符合监管引导方向。新"国九条"明确提出"培育一流投资银行和投资机 构"的战略目标。随后，证监会发布的配套意见进一步为行业并购重组指明方向。2025年初，财政部将 三大AMC股权划转至中央汇金，在AMC股权划转后，汇金参控股券商列表进一步扩大，将信达证券、 东兴证券纳入体系内，市场对汇金系券商合并的预期加强。 此次整合是汇金系接收AMC股权划转后的重要动作。此前市场对并购重组虽有预期，但中金、信 达、东兴三家券商共同整合为券业首例。目前汇金系旗下直接或间接持有多家券商股权，包括中国银 河、中金公司、申万宏源、中信建投、光大证券、信达证券、东兴证券和长城国瑞证券，未来或仍有进 一步重组的可能。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及经纪、承 销、自营交易等证券业务的上市公司证券作为指数样本， ...