Yesterday, the market experienced volatile gains, with the Shanghai Composite Index returning above 3900 points, while the Shenzhen Component Index and the ChiNext Index both rose over 1%. Brokerage stocks followed the market's strength, with Guolian Minsheng rising over 3%, and Guotai Haitong and Changjiang Securities gaining over 2%.

Among popular ETFs, the Brokerage ETF (159842) saw a strong start in December, rising for two consecutive trading days, showing preliminary signs of stabilization and rebound.

Some institutions stated that the top-level design guidance of the new "National Nine Articles" for the capital market clarifies the effectiveness and directionality of cultivating first-class investment banks. The long-term logic of revitalizing the capital market remains unchanged. It is recommended to focus on key themes such as mergers and acquisitions, wealth management transformation, innovative license operations, and ROE improvement. For individual stocks, it is advised to pay attention to investment opportunities in large brokerages with strong capital strength and stable business operations.

Looking ahead to 2026, driven by the "Financial Power" strategy and the policy tone of "revitalizing the capital market," the brokerage industry will completely bid farewell to homogeneous competition. The industry structure of "leading brokerages + specialized small and medium-sized brokerages" is gradually becoming clear. Currently, the valuation of the brokerage sector remains at a historical low, and investment opportunities in the industry for 2026 are viewed optimistically.

Data shows that the Brokerage ETF (159842) tracks the CSI All Share Securities Companies Index. This index selects up to 50 securities company stocks from the CSI All Share sample stocks to reflect the overall performance of the industry. Off-exchange investors can also seize the upward opportunities in the brokerage sector through the Brokerage ETF Link Fund (Class A: 025193; Class C: 025194).