华泰证券指出，两融余额续创新高，市场活跃度不断提升，证券板块有望受益，头部券商当前的估值性 价比较高。 香港证券指数从港股通证券范围中选取证券投资主题类上市公司证券作为指数样本，一键打包港股上市 券商；中证全指证券公司指数选取中证全指中所有证券行业的上市公司作为指数样本。香港证券ETF （513090）和证券ETF易方达（512570）分别跟踪上述指数，可助力投资者便捷布局券商板块投资机 遇。 （文章来源：每日经济新闻） 大盘早盘回调，券商板块逆势上涨，截至10:45，香港证券指数上涨0.9%，中证全指证券公司指数上涨 1.3%，香港证券ETF（513090）盘中成交额超150亿元，领跑全市场ETF。 资本市场数据稳中向好。Wind数据显示，A股两融余额最新交易日上探到2.44万亿元，续创历史新高； 两地市场活跃度均不断提升，A股三季度日均成交额达2.13万亿元，同比/环比分别增长210%/67%，港 股三季度日均成交额达2222亿元，同比/环比分别增长172%/29%。 ...

港股券商板块午后拉升翻红，截至14:33，申万宏源涨超4%，中信建投证券涨超3%，招商证券、中国银 河等多股涨超2%，受成分股带动，香港证券指数上涨0.8%，香港证券ETF（513090）盘中成交额超260 亿元，居股票型ETF第一。 香港证券指数从港股通证券范围中选取证券投资主题类上市公司证券作为指数样本，一键打包港股上市 券商。香港证券ETF（513090）是全市场唯一跟踪香港证券指数的ETF产品，支持T+0交易，且管理费 率仅0.15%/年，可助力投资者一键布局港股通券商板块投资机会。 华泰证券指出，两融余额续创新高，市场活跃度不断提升，证券板块有望受益，头部券商当前的估值性 价比较高。 Wind数据显示，香港证券ETF（513090）九月以来持续交投活跃，日均成交额约150亿元，领跑全市场 股票型ETF；截至昨日，该产品九月以来持续"吸金"，合计近50亿元，最新规模突破340亿元，创历史 新高。 ...

Core Viewpoint - The securities sector is experiencing significant growth, with major indices showing substantial increases and trading volumes reaching historical highs, indicating a favorable environment for investment in brokerage firms [1]. Group 1: Market Performance - As of 13:50, the Hong Kong Securities Index rose by 9.7%, while the CSI All Share Securities Companies Index increased by 6.3% [1]. - The Hong Kong Securities ETF (513090) recorded a real-time trading volume exceeding 30 billion yuan, making it the top ETF in the market [1]. Group 2: Margin Trading and Market Activity - The A-share margin trading balance has reached a historical high, maintaining above 2.4 trillion yuan for nearly five consecutive trading days [1]. - As of September 26, the average daily trading volume for A-shares in Q3 2025 reached 21,223 billion yuan, reflecting a 67% increase compared to Q2 and over 200% year-on-year growth compared to Q3 of the previous year [1]. Group 3: Investment Opportunities - Huatai Securities noted that the continuous increase in margin trading balance and rising market activity are likely to benefit the securities sector, with leading brokerage firms currently offering attractive valuation propositions [1]. - The Hong Kong Securities Index selects listed companies focused on securities investment, while the CSI All Share Securities Companies Index includes all listed companies in the securities industry, providing a comprehensive investment opportunity for investors [1].

Group 1 - The index consists of 27 stocks, with the insurance industry accounting for over 35%, making it one of the indices with the highest representation of the insurance sector in the market [3] - The Hong Kong Securities ETF tracks the CSI Hong Kong Securities Investment Theme Index, which includes stocks from asset management, custodial banks, investment banking, and brokerage industries within the Stock Connect range [3] - The index reflects the overall performance of the securities industry within the Stock Connect range [3]

Group 1: Market Trends - The battery sector has seen significant capital inflow since September, with battery ETFs experiencing remarkable growth, such as the lithium battery ETF (561160) rising by 24.19% this month and 53.97% year-to-date [1] - In contrast, the brokerage sector has been in a continuous decline, with related ETFs dropping approximately 8% over the past 19 trading days since August 25 [1] - Despite the decline in the brokerage sector, there has been a unique phenomenon of increased buying, with 40 billion yuan flowing into securities-themed ETFs during this period [1] Group 2: Fund Inflows and Performance - Year-to-date, 68 billion yuan has been invested in securities ETFs, with notable inflows into the Guotai Securities ETF (512880) and the E Fund Hong Kong Securities ETF, attracting 24.139 billion yuan and 20.938 billion yuan respectively [3] - The performance of various ETFs shows that the Guotai Securities ETF has a year-to-date increase of 5.30%, while the Hong Kong Securities ETF has surged by 51.55% [3] Group 3: Brokerage Sector Outlook - The current market is characterized by a "slow bull" trend, where brokerage firms are expected to benefit first from increased trading volumes and improved performance in the third quarter [4] - The brokerage sector's performance is anticipated to improve due to rising trading activity and margin financing, with expectations for further growth in investment banking and public fund businesses [4] - The recent shift in household deposits, with a decrease of 600 billion yuan year-on-year in August, indicates a potential trend of funds moving into the stock market, as evidenced by a 165% increase in new stock accounts in August [7][8] Group 4: ETF Selection Strategy - Investors face a choice between broad-based securities indices and those focused on leading firms, with the latter showing higher returns, such as the CSI All Share Securities Company Index yielding 47.2% over the past year [9] - The performance of leading brokerage indices, such as the CSI Securities Leader Index, has outperformed broader indices, indicating a "Matthew effect" within the brokerage sector [9] Group 5: Market Conditions and Future Prospects - The current low-interest-rate environment has made the stock market an attractive option for deposits, contributing to a healthy outlook for brokerage firms [8][12] - The recent adjustments in the financial sector, along with increased trading activity and regulatory support for liquidity, provide a favorable environment for the brokerage sector [12]

Group 1 - The core viewpoint of the articles indicates a decline in the China Securities Investment Theme Index, with major stocks like CITIC Securities and China Galaxy experiencing notable drops [1][3] - The Hong Kong Securities ETF (513090) has seen significant capital inflows, with over 830 million net inflow in a single day and a total of over 6.2 billion in the last 20 days, reaching a new high in total assets of 33.318 billion [1][3] - Huatai Securities highlights that brokerage investment and brokerage business are benefiting from a high-growth market environment, indicating a positive outlook for the sector's performance and value reassessment [3] Group 2 - The Hong Kong Securities ETF (513090) tracks the China Securities Investment Theme Index, focusing on leading brokerage firms, with the top ten stocks accounting for over 80% of the index [3] - The ETF has a low combined management and custody fee rate of only 0.2% per year, allowing for T+0 trading, which presents a cost-effective opportunity for investors in the brokerage sector [3] - Related products include the Hong Kong Securities ETF (513090) and E Fund Securities ETF (512570), with various classes available for investment [3]

Group 1 - The China Securities Hong Kong Investment Theme Index (930709) has seen a decline of 1.68%, with major stocks like CITIC Securities down 1.4% and China Galaxy down 2.5% [1] - The Hong Kong Securities ETF (513090) has attracted significant capital, with over 2 billion yuan in inflows in the past 5 days, 3.2 billion yuan in the past 10 days, and nearly 7 billion yuan in the past 20 days, reaching a new high of 33.19 billion yuan in total size [1][3] - The ETF has seen a growth of nearly 26 billion yuan since June, indicating strong investor interest in the sector [1] Group 2 - According to Guojin Securities, the IPO and refinancing markets have shown signs of recovery this year, with the equity underwriting scale increasing by 403% year-on-year and debt underwriting scale growing by 20% [3] - The investment banking business for securities firms is gaining momentum, with listed securities firms generating over 15.6 billion yuan in investment banking revenue in the first half of the year, a year-on-year increase of over 17% [3] - Major firms like CITIC Securities, CICC, Guotai Junan, Huatai Securities, and CITIC Jianan have all surpassed 1 billion yuan in net commission income, maintaining their positions in the top tier [3]

Market Performance - The CSI All Share Securities Company Index rose by 3.1%, while the CSI 300 Non-Bank Financial Index increased by 2.5% and the Hong Kong Securities Index went up by 0.9% [1] - The CSI Bank Index saw a modest increase of 0.5% [1] - The Hong Kong Securities ETF (513090) supported T+0 trading with a total trading volume of nearly 20 billion yuan, leading the market in stock-type ETFs [1] Fund Inflows - The Hong Kong Securities ETF experienced a continuous net inflow of funds, totaling over 1.7 billion yuan in the past week [1] Market Liquidity - According to招商证券国际, the stabilization of the Hong Kong dollar and the pause in net absorption by the Monetary Authority are contributing to a marginal improvement in liquidity in the Hong Kong stock market [1] - The significantly lower-than-expected U.S. non-farm payroll data for August has made a rate cut by the Federal Reserve in September almost certain, which is expected to further enhance liquidity in the Hong Kong market [1] - As a sector closely related to market liquidity, brokerage firms are anticipated to benefit from these developments [1]

Core Viewpoint - The Hong Kong stock brokerage sector has experienced a significant rebound, with the brokerage index rising 150% over the past decade, reaching a historical high, driven by various market factors and policy changes [1][10]. Group 1: Market Performance and Historical Context - The Hong Kong stock market has undergone approximately seven rounds of brokerage rallies from January 2013 to August 2025, showcasing its volatility and recovery capability [1]. - The first major rally from March 2014 to May 2015 saw the Hong Kong Securities Index increase by 162%, while the Hang Seng Index rose by 32% [4]. - Subsequent rallies included a 21% increase in the Hong Kong Securities Index from February to April 2016 and a 20% increase from December 2017 to January 2018 [5][6]. - The most recent rally from September 2024 to now has resulted in a 151% increase in the Hong Kong Securities Index, with a 40% rise in the Hang Seng Index, indicating a significant outperformance of 111% [9]. Group 2: Factors Driving the Market - The initial rally was fueled by expectations surrounding the Shanghai-Hong Kong Stock Connect, increased corporate financing activities, and a loose liquidity environment [1]. - The second rally was supported by rising international oil prices and policy measures such as reserve requirement cuts in mainland China, alongside the anticipation of the Shenzhen-Hong Kong Stock Connect [2]. - Major policy reforms in 2017, particularly new listing rules by the Hong Kong Stock Exchange, attracted substantial southbound capital and provided new growth drivers for the brokerage sector [3]. - The COVID-19 pandemic in 2020 led to a significant increase in global liquidity, accelerating the return of Chinese concept stocks to Hong Kong, which boosted brokerage business growth [7]. - Recent market improvements have been attributed to favorable policies and enhanced market sentiment, particularly benefiting Chinese brokerages in underwriting and placement activities [8]. Group 3: Future Outlook - The current brokerage market is characterized by significant policy support, active international and domestic capital responses, and rapidly expanding trading volumes [10]. - The valuation of the brokerage sector is recovering quickly, although individual stock performance shows notable divergence, with some stocks still at historical lows and possessing recovery potential [10]. - Future performance of the Hong Kong brokerage sector will be influenced by global liquidity, policy directions, and corporate fundamentals, making it a sector to watch for investment opportunities [10].

Core Viewpoint - The Hong Kong Securities Index is experiencing a significant upward trend, with a 1.4% increase as of 13:45, indicating a potential for a four-day rally, driven by strong performance from key stocks in the sector [1] Group 1: Market Performance - The Hong Kong Securities Index has risen by 1.4%, with notable gains from stocks such as Guotai Junan International, Dongfang Securities, Shenwan Hongyuan, and China Cinda, all increasing by over 2% [1] - The Hong Kong Securities ETF (513090) has seen a continuous inflow of funds for eight consecutive trading days, totaling nearly 3 billion yuan, reaching a record high of 31.5 billion yuan [1] Group 2: Financial Performance - In the first half of 2025, the performance of brokerage firms has shown significant improvement, with total operating revenue for the Hong Kong Securities Index constituents growing by 11.7% year-on-year and net profit attributable to shareholders increasing by 59.6% year-on-year [1] - Dongfang Caifu Securities notes that ongoing policy support has contributed to a stable and active capital market, leading to a notable recovery in the capital market [1] Group 3: Investment Opportunities - The Hong Kong Securities Index reflects the overall performance of the brokerage sector within the Hong Kong Stock Connect, including major firms like CITIC Securities, Hong Kong Exchanges and Clearing, and China Galaxy [1] - The Hong Kong Securities ETF (513090) is the only ETF product tracking the Hong Kong Securities Index, offering T+0 trading and a low management fee of 0.15% per year, facilitating investor access to the brokerage sector investment opportunities [1]