The Shanghai Composite Index once again fell below 3,900 points, while the Securities ETF (159841) defied the trend with a net subscription of 12 million units, accumulating over 1 billion yuan in the past 20 days, ranking first among similar targets in Shenzhen Market.

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On the afternoon of March 26, the three major A-share indexes moved lower in choppy trading. During the session, all were down more than 1%. The SSE Composite Index once again fell below the 3,900-point mark. As of the time of this release, the CSI All-Share Securities Companies Index was down 2.24%, with most constituent stocks declining. Southwest Securities, Guoyuan Securities, and Zhongtai Securities saw relatively smaller declines.

Among related ETFs, the Securities ETF (159841) frequently saw premium trades during the day. The current premium/discount rate is 0.13%. Data from Wind shows that, as of the time of this release, the ETF received net subscriptions of 12 million units against the trend, ranking first among comparable offerings on the Shenzhen market.

Looking at a longer timeframe, over the past five trading days, the Securities ETF (159841) has recorded cumulative net capital inflows of 501 million yuan. Over the past 20 days, it has “absorbed” more than 1 billion yuan in total, also ranking first among comparable offerings on the Shenzhen market. As of the close of March 25, the ETF’s latest tradable shares were 11.187 billion units, with a latest tradable AUM of 10.738 billion yuan.

The Securities ETF (159841) closely tracks the CSI All-Share Securities Companies Index, which focuses on large-cap securities leaders in the A-share market. It includes both traditional securities leaders and financial technology leaders. The Securities ETF (159841) also allocates to the off-exchange securities ETF index fund linkage (A: 008590, C: 008591).

On the news front, according to 21st Century Business Herald, as the disclosure of A-share 2025 annual reports continues to advance, the brokerage sector is expected to receive multiple positive catalysts. As compiled by the reporter, the performance of leading brokerages is set to be disclosed in dense batches from late March to late April. Overall, the industry is showing a trend of high growth: on the one hand, among listed brokerages that have already issued earnings guidance, more than half are expected to see a year-on-year increase in attributable net profit of over 50%, with industry earnings moving toward a broad-based recovery; on the other hand, since the introduction of the “New Nine Articles” policy, multiple brokerages have rolled out frequent share repurchase plans, spending real money to repurchase shares and cancel them, which has continuously boosted investor confidence.

Orient Securities suggests paying attention to the brokerage sector’s recovery trade following a rebound in risk appetite. Currently, the sector is in a divergence stage characterized by “earnings with high growth potential + valuation at a low level.” With the continued strengthening of macro stabilization and the ongoing effectiveness of high-quality development in the capital market, activity in the equity market is expected to remain elevated. Proprietary trading, brokerage, investment banking, asset management, and other businesses are expected to drive continued growth in brokerage earnings. We believe that in the short term, market risk appetite has not significantly improved due to the impact of geopolitical conflicts. As the marginal effects of overseas disruptions fade, risk appetite is expected to recover, and brokerages with a “earnings up + valuation down” margin of safety may see valuation recovery.

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