--- title: "The Shanghai Composite Index once again fell below 3,900 points, while the Securities ETF (159841) saw a net subscription of 12 million shares against the trend, accumulating over 1 billion yuan in \"capital absorption\" in nearly 20 days, ranking first among similar targets in the Shenzhen market" type: "News" locale: "en" url: "https://longbridge.com/en/news/280575557.md" description: "On March 26, the three major A-share indices fell, with the Shanghai Composite Index losing 3,900 points. The CSI All Share Investment Banking & Brokerage Index dropped by 2.24%, with most constituent stocks declining. The Securities ETF (159841) saw a net subscription of 12 million shares against the trend, attracting over 1 billion yuan in the past 20 days, ranking first in the Shenzhen market. It is expected that the brokerage sector will welcome multiple favorable factors, with the performance of leading brokerages set to be disclosed intensively from late March to the end of April, showing an overall high growth trend in the industry. DFZQ recommends paying attention to the recovery market of the brokerage sector" datetime: "2026-03-26T06:19:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280575557.md) - [en](https://longbridge.com/en/news/280575557.md) - [zh-HK](https://longbridge.com/zh-HK/news/280575557.md) --- # The Shanghai Composite Index once again fell below 3,900 points, while the Securities ETF (159841) saw a net subscription of 12 million shares against the trend, accumulating over 1 billion yuan in "capital absorption" in nearly 20 days, ranking first among similar targets in the Shenzhen market On the afternoon of March 26, the three major indices of A-shares fluctuated downward, with all dropping over 1% during the session, **the Shanghai Composite Index once again fell below 3900 points**. As of the time of publication, the CSI All Share Investment Banking & Brokerage Index was down 2.24%, with most constituent stocks declining, while Southwest Securities, Guoyuan Securities, and Zhongtai Securities had smaller declines. Among related ETFs, the Securities ETF (159841) frequently experienced premium trading during the session, with a current premium/discount rate of 0.13%. Wind data shows that as of the time of publication, **this ETF had a net subscription of 12 million shares against the market trend, ranking first among the same category in the Shenzhen market.** Looking at a longer time frame, the Securities ETF (159841) has seen a cumulative net inflow of funds of 501 million yuan over the past 5 trading days, **and over the past 20 days, it has "attracted" more than 1 billion yuan, ranking first among the same category in the Shenzhen market.** As of the close on March 25, the latest circulating shares of this ETF were 11.187 billion shares, with a latest circulating scale of 10.738 billion yuan. **The Securities ETF (159841)** closely tracks the CSI All Share Investment Banking & Brokerage Index, which focuses on large-cap securities leaders in A-shares, including both traditional securities leaders and financial technology leaders. The Securities ETF (159841) also allocates to off-exchange Securities ETF connection funds (A: 008590, C: 008591). In terms of news, according to the 21st Century Business Herald, as the disclosure of A-share 2025 annual reports continues to advance, the brokerage sector is expected to welcome multiple favorable catalysts. According to the reporter's analysis, the performance of leading brokerages will be intensively disclosed from late March to the end of April, with the industry overall showing a high growth trend: on one hand, among the listed brokerages that have disclosed performance forecasts, more than half expect a year-on-year increase in net profit attributable to shareholders of over 50%, indicating a comprehensive recovery in industry profitability; on the other hand, since the release of the "New National Nine Articles," many brokerages have launched stock repurchase plans, spending real money to buy back shares and cancel them, continuously boosting investor confidence. **DFZQ** suggests **paying attention to the recovery trend in the brokerage sector after the rebound in risk appetite.** The current sector is overall in a divergence phase of "performance having high growth potential + valuation being at a low level." With the continued emergence of macro stabilization and the high-quality development effects of the capital market, trading activity in the equity market is expected to continue to increase, and businesses such as proprietary trading, brokerage, investment banking, and asset management are expected to drive continuous growth in brokerage performance. We believe that in the short term, the market is affected by geopolitical conflicts, and market risk appetite has not significantly increased. As the marginal impact of overseas disturbances weakens, market risk appetite is expected to undergo a recovery, and the brokerage sector, which has a safety margin of "performance increase + valuation decrease," is likely to welcome valuation recovery. ### Related Stocks - [512880.CN](https://longbridge.com/en/quote/512880.CN.md) - [159841.CN](https://longbridge.com/en/quote/159841.CN.md) - [512000.CN](https://longbridge.com/en/quote/512000.CN.md) - [159842.CN](https://longbridge.com/en/quote/159842.CN.md) - [600958.CN](https://longbridge.com/en/quote/600958.CN.md) - [000001.CN](https://longbridge.com/en/quote/000001.CN.md) - [399975.CN](https://longbridge.com/en/quote/399975.CN.md) ## Related News & Research - [China April Retail Sales +0.2% y/y (exp 2%) & Industrial Prduction +4.1% y/y (exp 5.9%)](https://longbridge.com/en/news/286699672.md) - [China economy slows sharply as investment returns to contraction](https://longbridge.com/en/news/286707036.md) - [1 Rapidly Deteriorating ETF Screams That ‘Shop ‘Til You Drop’ Americans Have All But Keeled Over](https://longbridge.com/en/news/286429552.md) - [Keep Your Portfolio Safe With This Low-Volatility ETF](https://longbridge.com/en/news/286604877.md) - [The AI Boom Needs Real Assets to Survive. 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