Securities ETF (159841) received net subscriptions of nearly 150 million shares during intraday trading, ranking first among the same-tracked products in the Shenzhen market. According to institutions, the sector has a channel for upward valuation repair in the medium term.

On March 19, the three major indices all declined, each dropping over 1%. As of the time of writing, the CSI All Share Securities Companies Index (399975.SZ) fell 1.29%. Among its constituent stocks, First Venture increased by over 1%, Hongta Securities decreased by 0.12%, Zhongtai Securities remained flat, and Shenwan Hongyuan declined by 0.2%.

Regarding related ETFs, Wind data shows that the Securities ETF (159841) currently has a trading volume of 249 million yuan, with a premium and discount rate of 0.1%. During intraday trading, it received nearly 150 million units of net subscriptions, ranking first among similar products in the Shenzhen market. In terms of capital flow, this ETF had a net inflow of 21.15 million yuan on the previous trading day (March 18), with a total net inflow of 88.58 million yuan over the past five trading days. The latest circulating shares of this ETF are 10.677 billion units, with a latest circulating scale of 10.775 billion yuan, making it the largest product of its kind in the Shenzhen market.

The Securities ETF (159841) closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in A-shares, including both traditional securities giants and fintech leaders. It also allocates to over-the-counter securities ETF connection funds (A: 008590, C: 008591).

Great Wall Securities believes that, despite ongoing short-term geopolitical risks and market pricing around their volatility, domestic liquidity easing and profit recovery support factors remain, and the market may continue to speculate on easing policy expectations. The securities broker sector is currently in a stage of “high prosperity + low median valuation + marginal easing of capital pressure,” with expectations for favorable policies on IPOs on the ChiNext and derivatives businesses by 2026. In the short term, the market is likely to experience high volatility and fluctuations along with the broader market, but in the medium term, it remains on a valuation recovery upward trajectory with high cost-effectiveness. For allocation, it is continuously recommended to focus on leading comprehensive securities firms and high-quality small- and medium-sized securities firms with strong wealth management capabilities and significant valuation discounts.