Policy Tailwinds Catalyze Valuation Recovery, Brokerage ETF(159842) Rises 0.97% Intraday

NewTimeSpace News: As of 14:34 on January 26, 2026, the CSI All-Shares Securities Companies Index (399975) rose strongly by 1.04%. Its constituent stocks performed actively, with Caitong Securities surging 4.74%, Industrial Securities climbing 3.49%, Huatai Securities advancing 2.90%, and other stocks including Huaxin Securities and China Merchants Securities following the upward trend. The Brokerage ETF (159842) gained 0.97%, closing at RMB1.15 intraday. (The stocks listed above are only index constituents and do not constitute specific investment recommendations.)

In terms of liquidity, the ETF achieved an intraday turnover rate of 5.06% with a trading volume of RMB562 million. Over a longer horizon, as of January 23, its average daily trading volume in the past month reached RMB596 million, ranking among the top 3 among comparable funds.

Regarding scale, the ETF’s size increased by RMB281 million in the past week, achieving significant growth, with the new scale ranking in the top 1/14 of comparable funds. (Data source: Wind)

In terms of shares, the ETF’s latest outstanding shares reached 9.607 billion, a new high in nearly a year. (Data source: Wind)

From the perspective of capital inflows, the ETF has recorded consecutive net capital inflows over the past 8 days, with a maximum single-day net inflow of RMB133 million. The total "capital absorption" reached RMB788 million, equivalent to an average daily net inflow of RMB98.5421 million. (Data source: Wind)

Data shows that leveraged funds have continued to increase their positions. Since the start of this month, the ETF’s net financing purchase amount has reached RMB5.6687 million, with the latest financing balance standing at RMB337 million. (Data source: Wind)

As of January 23, 2026, the ETF’s net value has risen by 9.38% in the past year. In terms of profitability, as of January 23, 2026, since its establishment, the ETF has achieved a maximum monthly return of 37.36%, the longest consecutive monthly gain period of 4 months with a cumulative increase of 28.29%, an average return of 7.44% in rising months, an annual profitability rate of 75.00%, and a 62.50% probability of profit for a 3-year holding period. Its annualized return exceeding the benchmark since inception was 1.85% as of January 23, 2026.

In terms of drawdown, the ETF’s maximum drawdown since the start of 2026 was 6.59%, with a relative benchmark drawdown of 0.05%.

Regarding fees, the ETF’s management fee rate is 0.15% and the custodian fee rate is 0.05%, the lowest among comparable funds.

From a valuation perspective, the CSI All-Shares Securities Companies Index tracked by the ETF has a latest trailing twelve-month price-to-earnings (PE-TTM) ratio of only 17.15 times, at the 6.05th percentile of the past year. This means the valuation is lower than 93.95% of the time over the past year, standing at a historical low.

The Brokerage ETF closely tracks the CSI All-Shares Securities Companies Index. To reflect the overall performance of securities of companies in different industries within the CSI All-Shares Index sample and provide analysis tools for investors, the CSI All-Shares Index sample is classified into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries based on the CSI Industry Classification. Indices are then compiled using all securities included in each primary, secondary, tertiary, and quaternary industry, forming the CSI All-Shares Industry Indices.

Data shows that as of December 31, 2025, the top 10 constituent stocks by weight of the CSI All-Shares Securities Companies Index (399975) were East Money Information Co., Ltd., China Securities Co., Ltd., Guotai Junan Securities Co., Ltd., Huatai Securities Co., Ltd., GF Securities Co., Ltd., China Merchants Securities Co., Ltd., Orient Securities Co., Ltd., Industrial Securities Co., Ltd., Shenwan Hongyuan Group Co., Ltd., and China International Capital Corporation Limited (CICC). The combined weight of these top 10 stocks accounted for 61.15%. (The stocks listed above are only index constituents and do not constitute specific investment recommendations.)

AVIC Securities stated that in 2025, the increased trading activity in the capital market coupled with the continuous release of policy dividends drove the overall performance growth of listed securities companies. Leading securities firms demonstrated steady growth resilience, restructured targets showed prominent performance flexibility, and small and medium-sized securities firms exhibited differentiated competitiveness relying on characteristic businesses. Mergers and acquisitions (M&A) have become the core engine of industry performance growth, driving profit jumps through the dual paths of short-term financial consolidation and long-term business synergy.

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