（文章来源：每日经济新闻） 相关机构表示，券商板块具备较强β属性，主营业务表现与资本市场表现息息相关，随着全球流动性叙 事共振，资本市场成交火热，市场风险偏好提升，证券业景气度同步回暖，建议继续关注规模突破400 亿、规模流动性同类持续领先的证券ETF（512880）把握投资机遇。 东海证券表示，从严监严管的制度框架、机构占比提升的投资者结构和新质生产力驱动的市场行情来 看，当前阶段两融杠杆比例较2015年高点仍有较大差距，未来上行空间一方面取决于市场趋势性回暖， 例如在当前债市资金转入权益和居民存款搬家的基础上，险资配置热情的进一步提升、海外降息预期带 来的资金涌入，以及政策边际放松带来的杠杆门槛降低，可能会进一步提升市场参与度；另一方面更为 聚焦上市公司的投资价值，业绩增长的持续性、可观的股东回报和超预期的业务创新等，或将进一步打 开市场空间。 ...

近日，全市场ETF规模站上新台阶，引发市场热议。Wind数据显示，截至8月25日，全市场ETF规模首 度突破5万亿元，达到5.07万亿元。规模超百亿元的ETF数量已超过100只，规模最大的超过4000亿元。 回顾ETF市场规模发展，从2004年12月第1只ETF产品问世，到如今ETF总规模突破5万亿元。每个万亿 元规模突破的时间不断缩短：第一个万亿元的突破花费近16年，第二个万亿元耗时近3年，第三个万亿 元用时约13个月，第四个万亿元用时约7个月，此番第五个万亿元的突破仅耗时4个多月。 ● 本报记者 张韵 股票型ETF规模占大头 全市场ETF规模一路走高的背后，产品数量也从1万亿元时的366只增加至1270余只。其中，股、债ETF 数量均大幅增加。 分类别看，股票型ETF占主流。Wind数据显示，截至8月25日，全市场1270余只ETF中接近八成是股票 型ETF。规模体量达3.46万亿元，在5.07万亿元ETF总规模中占比超过68%。 股基产品中，挂钩沪深300指数的ETF规模占据绝对优势。截至8月25日，挂钩沪深300指数的ETF规模 合计已超过1.1万亿元，相较于位居第二位的挂钩上证50指数的ETF规模1 ...

2025.8.22 上证指数收盘上涨54.66点，涨幅为1.45%，报收3825.76点，成交额10950.91亿元；深证成指收盘上涨 246.3点，涨幅为2.07%，报收12166.06点，成交额14516.18亿元；创业板指收盘上涨87.08点，涨幅为 3.36%，报收2682.55点，成交额6977.4亿元；沪深300收盘上涨89.93点，涨幅为2.1%，报收4378.0点， 成交额6759.35亿元。 板块层面，芯片、半导体、证券等多数板块表现强势，红利、养殖等个别板块表现稍弱。沪深两市成交 额超2.5万亿，场外资金进场积极。A股连续8日成交额破2万亿元。盘面上，个股上涨家数略多，全市场 超2800只个股上涨，约2400只下跌。 站在当下，操作上建议"一动不如一静"，恐高离场和盲目追高均并不理智，一旦出现回调或可大胆加 仓。一方面，上涨趋势并没有结束的信号，空间上的压力并不能阻挡趋势的推进，甚至之前的套牢盘成 为了多头资金的目标位。但另一方面，随着一个多月来的持续大涨，技术面已经逐渐进入超买区间，当 下追涨的赔率并不具备优势。 展望后市，如此斜率并不可能一直持续，预计会逐渐转入震荡，在高位构建新的筹码 ...

沪指延续强势突破3800点，再刷年内新高。市场成交活跃，前期两融再度突破两万亿元，两市成交额最 高触及2.8万亿元。 证券板块业绩与股市走势息息相关，也正因为如此，证券板块被喻为"牛市旗手"。历史市场反弹期间， 证券板块显著跑赢大盘。 本轮A股券商行情来看，相较于H股券商呈现出明显欠涨现象。或许也正是因为如此，资金开始博弈A 股证券板块补涨空间。 根据wind数据，截至8月21日，证券ETF（512880）连续4日净流入额超30亿元。今日盘中成交额突破50 亿元，资金关注度紧密。 国联民生证券表示，当前券商行业PB估值仍在历史底部区域，券商行业仍有弹性空间。 华龙证券表示，市场交投持续活跃直接拉动经纪与自营业务，上半年券商净利润预增趋势向好，ROE有 望进一步提升，政策红利深化打开增量空间，板块估值有望提升。 另外，当前《推动公募基金高质量发展行动方案》落地，欠配的非银板块，有望在市场情绪转折点迎来 更多增量资金配置，券商或许更为受益。 除此之外，证券板块还有稳定币和并购事件催化。受益于稳定币、虚拟资产的发展，头部券商积极推动 香港1/4/9号牌升级，券商或将迎来新的业务蓝海，支撑业绩及估值提升。2024年以 ...

8月22日，证券ETF（512880）午后冲高超3%，龙头券商均表现稳健，带动指数企稳回升。近期市场成交额逐步回暖，进一步强化了券商板块的弹性预期， 证券ETF（512880）也强势吸金，近5日净流入超25亿元。 政策呵护与资本市场改革预期提振，"牛市旗手"利好频频 消息层面，近期监管部门频频释放资本市场改革与深化措施的信号，包括优化IPO节奏、推进估值体系改革、鼓励长期资金入市等。政策导向下，资本市场 改革的节奏有望加快，市场各方对于券商行业中长期发展信心有所提升。 随着宏观经济稳增长政策的持续加码，证券行业作为资本市场核心枢纽，每当资本市场改革进入新阶段，证券行业往往率先受益，所以证券行业也被称 为"牛市旗手"。 业绩修复与行业集中度提升，证券板块基本面向好 更值得关注的是，随着公募基金、私募基金等资产管理规模的扩张，券商资管业务的天花板被进一步抬高。行业集中度的提升，使得头部券商能够在投行、 财富管理、资本中介业务多点开花。中长期来看，券商的估值修复空间依然较大，行业β属性突出。 量能修复+政策指引双逻辑驱动，关注同类规模最大的证券ETF（512880） 投资逻辑上，证券ETF（512880）具备典型的 ...

Group 1 - The core viewpoint of the article highlights the significant inflow into the securities ETF (512880), which has seen over 1.6 billion yuan in net inflows over two consecutive days, bringing its total scale to over 38 billion yuan, making it the largest in its category [1] - The recovery of the market and favorable policies are expected to benefit brokerage, investment banking, and capital intermediary businesses, leading to further valuation recovery in the brokerage sector [1] - HuLong Securities indicates that sustained market activity is directly boosting brokerage and proprietary trading businesses, with a positive trend in net profit growth for brokerages in the first half of the year, and an expected increase in ROE [1] Group 2 - The deepening of policy dividends is opening up incremental space for growth, suggesting that the valuation of the brokerage sector is likely to improve [1] - Investors interested in the largest securities ETF (512880) can also consider the linked fund (012363) to capture investment opportunities in the securities sector [1]

Group 1 - The securities industry is experiencing a continuous recovery in its prosperity, with the trading volume of the Shanghai and Shenzhen markets surpassing 20 trillion [1] - The sector's price-to-book (PB) ratio is at 1.53X, indicating potential for further recovery [1] - The investment value of brokerage firms is gradually being confirmed against the backdrop of an upward trend in the capital market and increased risk appetite, with undervalued quality brokerages still having allocation value [1] Group 2 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities brokerage, underwriting, and sponsorship from the Shanghai and Shenzhen markets [1] - The index reflects the overall performance of listed companies in the securities industry and covers major enterprises, demonstrating strong market representation and industry characteristics [1] - The index aims to capture cyclical fluctuations in the securities market and changes in the industry under policy influences [1]

Group 1 - The Shanghai Composite Index rose nearly 1% in the morning, surpassing the 3731.69 point high, marking a 10-year high [1] - Brokerage stocks showed renewed strength in the morning, with the Securities ETF (512880) increasing over 1.5% and trading volume exceeding 2.5 billion yuan [2] - Over 20 brokerage firms have forecasted profit increases, indicating a positive outlook for brokerage performance due to active market trading [2] Group 2 - Western Securities noted that improved risk appetite and continuous inflow of new funds are expected to further expand the growth space for brokerage businesses [2] - The current scale of the Securities ETF (512880) has exceeded 36.5 billion yuan, ranking first among similar products, attracting interest from investors [2]

Core Viewpoint - The securities sector is experiencing a strong performance, driven by increased market activity and improved brokerage earnings, with over 20 brokerages forecasting profit growth [1] Group 1: Market Performance - The Shanghai Composite Index continues its strong momentum, with the Securities ETF (512880) surging by 5% and achieving a trading volume of nearly 4 billion yuan [1] - The current market activity is directly correlated with brokerage performance, as evidenced by the positive earnings forecasts from multiple brokerages [1] Group 2: Brokerage Sector Outlook - CITIC Securities highlights significant investment opportunities in the brokerage sector for the second half of the year, supported by favorable half-year earnings forecasts, capital market reforms, and expectations of increased liquidity [1] - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to attract more incremental capital into the underrepresented non-bank sector, benefiting brokerages [1] Group 3: Catalysts for Growth - The securities sector is poised for growth due to developments in stablecoins and mergers and acquisitions, with leading brokerages actively pursuing upgrades in Hong Kong licenses [1] - The frequency of mergers and acquisitions in the securities industry since 2024 is anticipated to accelerate resource integration among companies with similar shareholders, enhancing profitability [1] Group 4: Strategic Insights - GF Securities emphasizes the importance of structural capital flows, presenting a four-fold logic for a bullish outlook on brokerages, including the potential for new capital inflows to stimulate growth across various brokerage services [2] - The adjustment in proprietary trading structures and the increasing attractiveness of equity markets are expected to enhance brokerage performance [2] - Continuous improvement in asset quality and a decrease in impairment scales reflect a positive trend for brokerage valuations [2]

Core Viewpoint - The securities industry is experiencing a significant boost due to heightened market trading sentiment, with the margin trading balance returning to 2 trillion yuan for the first time in ten years, reaching 20002.59 billion yuan on August 5, indicating increased willingness for capital entry [1] Group 1: Market Performance - In July, A-share trading volume reached 29.4 billion shares and transaction value hit 37.57 trillion yuan, both marking new monthly highs for the year [1] - The number of new accounts opened increased by 70.54% year-on-year, benefiting brokerage and credit businesses [1] Group 2: Financing and Growth - Year-to-date, the scale of bond issuance by securities firms increased by 32.8% to 769.99 billion yuan, primarily to meet the funding needs of capital-intensive businesses [1] - The low interest rate environment, with an average coupon rate of 1.97%, further reduces financing costs [1] Group 3: Future Outlook - With the generally high growth of mid-year performance and favorable policy catalysts, both industry valuation and profitability are expected to increase [1] - Long-term, the expansion of virtual asset ecosystems such as stablecoins and RWA will open new growth opportunities for securities firms [1] Group 4: Index Information - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies closely related to the securities market from the Shanghai and Shenzhen markets [1] - This index covers brokerage, investment banking, and proprietary trading sectors, reflecting the overall performance of listed companies in the securities industry [1]