The Securities & Insurance ETF E Fund (512070) attracted nearly 140 million in net inflows yesterday, with the underlying index showing gains.

As of 10:05, the CSI 300 Non-Bank Financials Index (H30035) rose by 0.03%; among its heavy-weight holdings, Ping An of China fell 0.19%, CITIC Securities rose 0.74%, East Money rose 0.1%, Guotai Huatai fell 0.26%, Huatai Securities fell 0.24%, China Pacific Insurance fell 0.73%, China Merchants Securities rose 0.16%, GF Securities rose 0.35%, China Life fell 0.71%, and New China Life fell 0.35%.

Data shows that the Securities & Insurance ETF E Fund (512070) saw a net capital inflow of 138 million RMB in the previous trading day. As of the previous trading day, the fund had a cumulative net inflow of 249 million RMB over the past week, 213.1 million RMB over the past month, and 902.6 million RMB over the past year.

The operating prosperity of securities firms continues to improve. According to incomplete statistics, as of July 22, 21 listed securities firms have disclosed their performance forecasts for the first half of 2026. Among them, 20 expect year-on-year growth in net profit, and 5 expect net profit to exceed 1 billion RMB. CITIC Securities expects to achieve a net profit of 23.343 billion RMB, a year-on-year increase of 69.59%, setting a new historical high for the same period; Guotai Huatai expects to achieve a net profit between 20.003 billion RMB and 20.511 billion RMB. Additionally, GF Securities, Huatai Securities, and China Merchants Securities all expect their net profits to exceed 1 billion RMB.

Furthermore, amid recent market volatility and adjustment, securities firms are investing "real money" to boost confidence. On the evening of July 22, Changjiang Securities and Industrial Securities successively announced share repurchase and increase-in-holdings plans. Earlier, several other securities firms, including Huaan Securities, Zhongtai Securities, Guolian Minsheng Securities, Guojin Securities, and Hongta Securities, had already launched repurchase schemes.

Wanlian Securities points out that while the fundamentals of the securities industry remain highly prosperous, valuations are deeply deviated from earnings, offering significant room for repair. The expansion of international business and the investment banking co-investment mechanism will raise the central tendency of ROE, driving securities firms to transition from a capital-intensive model to value discoverers.

From a valuation perspective, the CSI 300 Non-Bank Financials Index tracked by the Securities & Insurance ETF E Fund (512070) has a latest P/E ratio of only 9.63 times, placing it at the 2.67th percentile since the index's inception. This means the valuation is lower than 97.33% of the periods since the index was established.

The Securities & Insurance ETF E Fund (512070) tracks the CSI 300 Non-Bank Financials Index, which consists of 27 stocks from the CSI 300 Index belonging to the capital markets, other financials, and insurance sectors. The securities sector accounts for nearly 60%, and the insurance sector accounts for nearly 40%. The Securities & Insurance ETF E Fund (512070) is currently the only ETF in the entire market tracking the CSI 300 Non-Bank Financials Index, possessing scarcity value.