近日，A股多个指数均突破阶段高点，创下近年来新高，其中上证指数创下近十年新高。伴随A股持续 上行，作为"行情旗手"的券商股也吹响号角，在此背景下，银华基金旗下银华中证全指证券公司ETF发 起式联接（A类：025193；C类：025194）今起发行，为普通投资者关注券商股提供全新场外工具。 （数据来源：Wind，截至2025.08.18，指数历史业绩不预示未来表现） 作为联接基金，银华中证全指证券公司ETF发起式联接通过投资券商ETF（159842），间接跟踪中证全 指证券公司指数（399975.SZ）。自2021年3月成立以来，券商ETF规模持续提升，最新规模已达40.83亿 元，在跟踪该指数的ETF中处于规模前列。不仅如此，券商ETF还是目前同类产品中管理费率最低一 档。（数据来源：Wind，截至2025.08.15，同类产品指跟踪中证全指证券公司指数的ETF产品，共13 只，券商ETF规模处于5/13） 回顾A股历史，几乎每一轮上涨行情中，作为"股市风向标"的券商股均扮演了重要的发动机角色。比如 在2014-2015年的上涨行情中，中证全指证券公司指数（399975.SZ）大涨238.19%，大幅领先同期 ...

Core Viewpoint - The A-share market indices have recently reached new highs, with the Shanghai Composite Index hitting a nearly ten-year peak, indicating a bullish trend in the market [1] Group 1: Market Performance - Multiple A-share indices have surpassed previous high points, with the Shanghai Composite Index achieving a new high in nearly a decade [1] - The securities sector, often seen as a market leader, has also shown significant upward movement, prompting the launch of the Yinhua CSI All Share Securities Company ETF [1] - The CSI All Share Securities Company Index has seen a cumulative increase of 58.75% since the financial policy changes on September 24, 2024, outperforming the CSI 300 and Shanghai Composite Index during the same period [1] Group 2: Fund Details - The Yinhua CSI All Share Securities Company ETF has been launched to provide investors with a new tool to invest in the securities sector, indirectly tracking the CSI All Share Securities Company Index [1] - Since its establishment in March 2021, the securities ETF has grown to a size of 40.83 billion yuan, ranking among the top in its category [1] - The securities ETF has the lowest management fee rate among similar products, which is an attractive feature for investors [1] Group 3: Historical Context - Historically, securities stocks have played a crucial role in driving market rallies, with the CSI All Share Securities Company Index rising by 238.19% during the 2014-2015 bull market [1] - The current strong performance of the securities sector is supported by positive earnings reports from various brokerages, with all reported firms showing revenue and net profit growth in the first half of 2025 [1] Group 4: Future Outlook - The investment value of the securities sector is gaining attention as the market enters an upward phase, with expectations of improved profitability and valuation adjustments [1] - The long-term outlook for the securities industry is optimistic, driven by regulatory improvements and structural reforms aimed at enhancing the profitability of leading brokerages [1]

Core Viewpoint - The A-share market has seen multiple indices break through recent highs, with the Shanghai Composite Index reaching a nearly ten-year high, indicating a bullish trend in the market [1] Group 1: Market Performance - The securities sector, known as the "market barometer," has begun to rally alongside the A-share market's upward movement [1] - The China Securities Index (399975.SZ) has shown significant performance, with a cumulative increase of 58.75% since September 24, 2024, outperforming the CSI 300 and Shanghai Composite Index [1] - Historical data shows that during previous bull markets, such as 2014-2015, the China Securities Index rose by 238.19%, significantly outpacing other indices [1] Group 2: Fund Launch and Investment Opportunities - The Silver Hua Fund has launched the Silver China Securities Index ETF Link Fund, providing a new investment tool for retail investors interested in securities stocks [1] - The securities ETF has grown to a scale of 4.083 billion yuan since its establishment in March 2021, ranking among the top in its category [1] - The ETF is noted for having one of the lowest management fee rates among similar products, enhancing its attractiveness to investors [1] Group 3: Future Outlook - Short-term factors such as increased trading volume and positive index trends are expected to boost the profitability and valuation of securities firms [1] - Mid-term expectations include regulatory improvements that may enhance business opportunities and elevate the industry's return on equity (ROE) [1] - Long-term structural reforms in the securities industry are anticipated to benefit leading firms and specialized smaller institutions, improving their profitability and investment value [1]