The securities sector may have valuation recovery potential, with the securities ETF ChinaAMC (515010) surging over 2% during intraday trading

As of May 21, 2026, 09:37, the three major A-share indices collectively rose, with the Shanghai Composite Index up 0.29%, the Shenzhen Component Index up 1.13%, and the ChiNext Index up 0.92%. The Securities ETF ChinaAMC (515010) rose 2.41%, with the latest quote at 1.234 yuan, and the intraday trading volume has reached 0.08 billion yuan, with a turnover rate of 0.48%. All constituent stocks rose, with Huaxin Securities leading the way with a 9.97% increase, Guoyuan Securities up 6.27%, China Merchants Securities up 4.16%, Dongfang Caifu up 4.07%, and Changjiang Securities up 3.21%. In terms of capital inflow, the latest net inflow for the Securities ETF ChinaAMC is 0.01 billion yuan. Looking at a longer time frame, in the past 10 trading days, there have been net inflows on 8 trading days, totaling "capital absorption" of 0.74 billion yuan, with an average daily net inflow of 0.07 billion yuan. The Securities ETF ChinaAMC has one of the highest increases among all market ETFs. Zhongyou Securities believes that the current liquidity environment is favorable for the brokerage sector, with low and stable money market interest rates and weak fluctuations in bond market yields, providing a stable operating environment for brokerage proprietary investments. Ample liquidity has increased market activity, with significant expansions in stock fund trading volume and margin financing balances this week. However, expectations for further monetary policy easing have weakened, resulting in a moderate level of benefits. The current sector performance diverges from the high growth performance in the first quarter and the active market environment, indicating potential for valuation recovery. From a valuation perspective, the latest price-to-earnings ratio (PE-TTM) for the Securities ETF ChinaAMC tracking the securities companies is 14.48 times, at the 0.55% percentile over the past three years, meaning the valuation is lower than 99.45% of the time in the past three years, indicating a historical low. The Securities ETF ChinaAMC (515010) closely tracks the CSI All Share Securities Companies Index, which currently has a PE of 14.41 times, at the 1.38% percentile over the past ten years, lower than 98.62% of the time in the past ten years, indicating a historical low with a margin of safety. It is worth noting that the management fee rate for the Securities ETF ChinaAMC (515010) and the Fintech ETF ChinaAMC (516100) is 0.15%, and the custody fee rate is 0.05%, which are the lowest among comparable funds, helping investors easily allocate to the sector's market trends