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. This has led to increased interest in brokerage stocks, prompting the launch of the Yinhua CSI All Share Securities Company ETF Link Fund to provide investors with a new tool for exposure to this sector [1]. Group 1: Market Performance - Multiple A-share indices have surpassed previous high points, with the Shanghai Composite Index achieving a nearly ten-year high [1]. - The CSI All Share Securities Company Index has shown significant performance, with a cumulative increase of 58.75% since September 24, 2024, outperforming the CSI 300 and Shanghai Composite Index during the same period [1]. - Historical data indicates that brokerage stocks have consistently acted as a market driver during bullish phases, exemplified by a 238.19% increase in the CSI All Share Securities Company Index from July 22, 2014, to May 12, 2015 [1]. Group 2: Fund Details - The Yinhua CSI All Share Securities Company ETF Link Fund is designed to indirectly track the CSI All Share Securities Company Index through investments in the brokerage ETF, which has reached a scale of 40.83 billion yuan since its inception in March 2021 [1]. - The brokerage ETF is noted for having one of the lowest management fee rates among similar products, ranking fifth out of thirteen in terms of scale [1]. - The fund aims to capitalize on the current bullish sentiment in the brokerage sector, which has shown strong performance in the first half of 2025, with all reported brokerage firms achieving positive revenue and net profit growth [1]. Group 3: Future Outlook - The brokerage sector is expected to continue its upward trajectory, driven by increased trading volumes and favorable market conditions, which may enhance the profitability of brokerage firms [1]. - Regulatory improvements and the ongoing structural reforms in the securities industry are anticipated to create more business opportunities and elevate the return on equity (ROE) for the sector [1]. - Investors are encouraged to consider the Yinhua CSI All Share Securities Company ETF Link Fund as a means to gain exposure to the potential growth in the brokerage sector [1].

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]