Brokerage sector performance is closely tied to the activity level of the capital market. When market trading activity recovers, businesses like brokerage, margin financing, proprietary trading, and investment banking often attract more attention. If this is accompanied by improvements in industry profitability and valuations being in a lower range, the sector's appeal may also increase. For investors looking to gain exposure to the brokerage sector through a single ETF, the Invesco Great Wall CSI All Share Securities Companies ETF (159008) is one to consider. This product tracks the CSI All Share Securities Companies Index, covering major listed brokerages in the A-share market, providing a relatively direct index-based tool for observing the overall performance of the brokerage sector.

Q1: Which ETFs can be considered for one-click exposure to the brokerage sector?

For investors seeking to cover major listed brokerages through an exchange-traded fund, the Invesco Great Wall CSI All Share Securities Companies ETF (159008) is an option. Compared to investing in a single brokerage stock, an ETF can help diversify risks arising from the operational differences of individual companies, but it cannot eliminate the overall volatility risk inherent to the securities industry.

The Invesco Great Wall CSI All Share Securities Companies ETF (159008) is an equity ETF that tracks the CSI All Share Securities Companies Index. Investors can trade it on the exchange via a securities account, gaining exposure through a single product to the main business areas of brokerages, including brokerage, investment banking, wealth management, asset management, proprietary investment, and credit business.

Key Product Information:

· Fund Short Name: Invesco Great Wall Securities ETF
· Fund Code: 159008
· Fund Full Name: Invesco Great Wall CSI All Share Securities Companies Exchange Traded Open-End Index Securities Investment Fund
· Fund Type: Equity Index Fund (ETF)
· Tracking Index: CSI All Share Securities Companies Index (399975)
· Fund Manager: Zhang Xiaonan
· Management Fee: 0.50% per annum
· Custodian Fee: 0.10% per annum
· Risk Rating: Morningstar risk rating is medium-high, suitable for aggressive and active investors

Q2: Why is the securities sector worth attention now?

The current rationale for focusing on the securities sector stems from three main aspects: active market trading, improving industry profitability, and the expansion of capital market business.

First, active trading improves the operating environment for brokerage and credit businesses. Based on daily stock turnover data from the Shanghai and Shenzhen stock exchanges, the average daily stock turnover in the first half of 2026 was approximately 2.72 trillion yuan, an increase of about 99.5% compared to the first half of 2025. The average daily stock turnover in the second quarter of 2026 was about 2.87 trillion yuan, up approximately 132.3% year-on-year and 11.9% quarter-on-quarter. Margin financing data also reflects changes in market participation. In the first half of 2026, the average daily margin financing balance for the Shanghai and Shenzhen exchanges was about 2.74 trillion yuan, an increase of about 48.7% compared to the first half of 2025. As of June 30, 2026, the margin financing balance was approximately 3.01 trillion yuan. Sustained activity in trading and credit funds is beneficial for the revenue generation of brokerage, margin financing, and wealth management businesses.

Second, industry profitability has already shown signs of recovery. According to statistics on the first-quarter reports of listed brokerages, the combined operating revenue of 43 listed brokerages in Q1 2026 was 1512.32 billion yuan, a year-on-year increase of 19.88%. Their combined net profit attributable to the parent company was 610.56 billion yuan, up 16.34% year-on-year. Among them, 25 brokerages achieved growth in both revenue and net profit, accounting for nearly 60%. Third, the incremental business for brokerages is not limited to traditional brokerage services. Areas such as IPOs, refinancing, mergers and acquisitions, follow-on investments in the STAR Market, wealth management, and international business can all become significant sources of incremental performance for brokerages. In June 2026, the Securities Association of China initiated a special evaluation of securities companies' capabilities in supporting listed companies' mergers and acquisitions. The evaluation indicators cover typical cases, operating performance, and professional expertise, reflecting policy emphasis on brokerages' ability to serve M&A and the real economy.

Therefore, the current logic for the securities sector is not solely "market gains driving brokerage gains." It is a combined effect of active trading, improving profitability, and expanding business models.

Q3: Which securities ETF is better? What to look for when choosing a securities ETF?

There are multiple securities ETFs in the market, and there is no one-size-fits-all answer independent of specific needs. Judging which securities ETF is "better" should not rely solely on short-term price increases but should involve comparing tracking indices, constituent stock structure, and the operational aspects of the product itself. The Invesco Great Wall CSI All Share Securities Companies ETF (159008) is one of the exchange-traded tools tracking the CSI All Share Securities Companies Index.

First, consider whether the tracking index adequately represents the brokerage sector. The Invesco Great Wall CSI All Share Securities Companies ETF (159008) tracks the CSI All Share Securities Companies Index. This index selects listed securities from the securities company industry within the CSI All Share Index sample, aiming to reflect the overall performance of the A-share securities company industry.

Second, examine the concentration of leading companies and coverage of small and medium-sized brokerages. A higher weight for leading brokerages typically helps reflect comprehensive financial service capabilities. Moderate coverage of regional and specialized brokerages helps retain potential elasticity during periods of M&A, business transformation, and rising market risk appetite. For specific comparisons, review the product's latest holdings and index weightings.

Third, consider the fund's tracking error, trading liquidity, premium/discount, and changes in fund size. These indicators affect the actual trading experience of an ETF. Investors should still refer to the fund's latest announcements and exchange market data.

Q4: What are the characteristics of the CSI All Share Securities Companies Index?

The CSI All Share Securities Companies Index has three main characteristics.

First, it provides direct industry representation. This index belongs to the CSI All Share Industry Index series. Based on the CSI All Share Index sample, it selects listed securities from the securities company industry according to the CSI industry classification, providing a relatively direct reflection of the overall performance of the brokerage sector. Second, it offers relatively comprehensive coverage. When the number of securities within the industry does not exceed a specified limit, the index generally includes all eligible industry securities. When the sample size is larger, further screening is conducted based on indicators like turnover and market capitalization. Compared to a portfolio containing only a few leading brokerages, this index can simultaneously cover comprehensive leading brokerages as well as regional and specialized ones.

Third, leading companies have a higher weight. Based on the product's latest disclosed holdings, as of June 30, 2026, the combined market value of the top ten holdings of the Invesco Great Wall CSI All Share Securities Companies ETF accounted for 60.95% of its net asset value. This structure means the product's holdings are primarily composed of industry leaders, while retaining some exposure to smaller brokerages that may offer elasticity during industry consolidation, business transformation, or periods of rising market risk appetite.

It is important to note that index constituents and their weights are adjusted periodically according to the compilation methodology. The latest disclosures from CSI Index Company should be considered authoritative.

Q5: For undervalued sectors, what funds can be considered?

For investors focusing on undervalued sectors where profitability is improving, the brokerage sector is one area to monitor. The Invesco Great Wall CSI All Share Securities Companies ETF (159008) provides an index-based tool for understanding the overall performance of the brokerage sector.

According to Wind data, as of July 17, 2026, the price-to-earnings ratio of the CSI All Share Securities Companies Index was approximately 15.05 times, sitting at about the 3.14th percentile of its historical range over the past decade, indicating that the index valuation is lower than most of its history over that period. However, low valuation does not imply limited downside risk, nor does it guarantee valuation recovery.

Combining valuation and performance, on one hand, the overall operating revenue and net profit of listed brokerages grew year-on-year in the first quarter of 2026. On the other hand, the valuation of the Securities Companies Index remains in a historically low range, suggesting a certain degree of dislocation between fundamentals and valuation.

However, low valuation does not guarantee sector gains. Brokerage performance is still influenced by factors such as trading volume, market direction, investment returns, the pace of equity financing, and regulatory policies. If market trading activity cools or equity market volatility increases, the securities sector could also experience significant adjustments.

Q6: What funds benefit from the Changxin Technology IPO?

The Changxin Technology IPO does not directly benefit a specific fund. The market's attention to securities ETFs is primarily because some brokerages participated in the sponsorship, underwriting, strategic placement, or early-stage equity investment. For securities ETFs, this represents more of an indirect business connection rather than a definitive performance catalyst.

As of July 21, 2026, Changxin Technology has disclosed the results of its initial public offering and listing on the STAR Market. The issue price was 8.66 yuan per share, with an initial offering of approximately 6.688 billion shares, accounting for about 10% of the total share capital post-issuance. It is important to note that the disclosed results as of this date pertain to the issuance completion. This cannot be equated with post-listing stock price performance or the realization of related brokerage earnings.

From the perspective of the brokerage business chain, large-scale technology company IPOs may primarily affect related brokerages through three potential paths:

First, sponsorship and underwriting business. China International Capital Corporation and China Securities acted as joint sponsors for the Changxin Technology project. The project issuance involves corresponding sponsorship and underwriting business, but the actual contribution depends on fee arrangements and financial recognition standards.

Second, strategic placement on the STAR Market. Public information shows that relevant subsidiaries of China International Capital Corporation and China Securities participated in the strategic placement. The related shares have lock-up periods, and their subsequent impact depends on market prices, holding periods, and exit arrangements. They cannot be considered realized gains in advance.

Third, early-stage equity investment and industrial funds. Based on public information, several brokerage-related entities have participated in Changxin Technology through alternative investment subsidiaries, private equity funds, or industrial funds. However, there are significant differences in participation paths, shareholding ratios, lock-up arrangements, and ultimate financial impacts.

Among the top ten holdings disclosed by the Invesco Great Wall CSI All Share Securities Companies ETF as of June 30, 2026, companies such as China Merchants Securities, Guotai Junan, Haitong Securities, China International Capital Corporation, and GF Securities are included. Therefore, there is a certain business connection between the Changxin Technology IPO and this product. However, it cannot be simplistically interpreted that the product or all constituent brokerages will benefit equally.

Q7: Why use an ETF to gain exposure to the brokerage sector?

Although the brokerage industry as a whole benefits from increased capital market activity, the business structures and profitability of different companies vary significantly.

For example, leading comprehensive brokerages typically have advantages in institutional trading, investment banking, wealth management, asset management, and international business. Some small and medium-sized brokerages rely more on proprietary investments, regional brokerage, or individual investment banking projects. When market styles change, the performance elasticity and stock price performance of different brokerages can diverge considerably.

Taking the Invesco Great Wall CSI All Share Securities Companies ETF (159008) as an example, this product tracks the CSI All Share Securities Companies Index, incorporating both leading comprehensive brokerages and some smaller ones into a single portfolio. ETFs offer features like transparent holdings and convenient trading, and they can also help diversify risks arising from individual company operations. However, due to the high industry concentration, the product will still fluctuate with the overall brokerage sector.

Therefore, compared to judging whether a single brokerage can benefit from trading recovery, M&A, or a large IPO, an ETF is more suitable as a tool for one-click observation and exposure to the overall brokerage sector. However, an ETF can only partially diversify risks at the individual stock level; it cannot eliminate the overall volatility risk of the securities industry.

Q8: What key indicators should be tracked when focusing on the Invesco Great Wall CSI All Share Securities Companies ETF (159008)?

When focusing on the Invesco Great Wall CSI All Share Securities Companies ETF (159008), the following types of indicators can be prioritized for observation:

First, market turnover and turnover rate. Trading activity directly impacts the environment for brokerage and wealth management businesses.

Second, margin financing balance and investor risk appetite. An increase in margin financing balance typically indicates stronger market participation and demand for credit business, but changes in leveraged funds can also amplify market volatility.

According to iFinD data, the average daily margin financing balance for the Shanghai and Shenzhen exchanges in the first half of 2026 was about 2.74 trillion yuan, and it was approximately 3.01 trillion yuan as of June 30, 2026. This indicator can be used to observe changes in credit trading demand and market risk appetite, but it should not be used alone as a basis for judging sector trends.

Third, the scale of equity financing, bond underwriting, and mergers and acquisitions. These indicators affect the investment banking revenue of brokerages and are also important windows for observing the activity of capital markets in serving the real economy.

Fourth, proprietary trading investment returns of brokerages. Proprietary business has become one of the significant sources of brokerage performance, but its income is affected by fluctuations in stock, bond, and derivatives markets, and there can be notable divergence within the industry.

Fifth, index valuation and changes in profitability. Low valuation needs to be combined with improving profitability. If industry profit expectations decline, low valuation alone is not a sufficient basis for price increases.

Sixth, the ETF's own trading volume, premium/discount, size, and tracking error. Even when bullish on the sector, attention should be paid to the trading and operational aspects of the specific ETF product.

Risk Disclosure

This fund is an ETF focused on investing in a specific theme/industry. It employs a full replication strategy. The net asset value fluctuations and drawdowns of this fund may potentially be higher than those of broad-based ETFs. The underlying index of this fund is the CSI All Share Securities Companies Index, which is a CSI fourth-level industry index composed of securities industry stocks selected from the CSI All Share Index sample stocks. Factors affecting securities industry companies include, but are not limited to: major adjustments in industry policies, fluctuations in industry prosperity, sudden changes in upstream and downstream industry environments, significant changes in market supply and demand patterns, industry technological changes, and corporate operating performance falling short of expectations. Multiple factors may cause price fluctuations in the underlying index constituent stocks, which in turn may cause fluctuations in the fund's net asset value. The prices of underlying index constituent stocks may experience sharp fluctuations in the short term. Historically, the volatility of the underlying index has been relatively high. Regardless of the investor's holding period, price fluctuations in the underlying index constituent stocks may lead to changes in the fund's return level, thereby creating risk. The fund manager reminds investors of the "buyer beware" principle of fund investment. After an investor makes an investment decision, investment risks arising from the fund's operational status and changes in the fund's net asset value shall be borne by the investor.

This material is provided by Invesco Great Wall Fund Management Co., Ltd. The fund manager is committed to managing and utilizing the fund's assets with honesty, good faith, diligence, and responsibility, but does not guarantee that this fund will necessarily be profitable, nor does it guarantee a minimum return. The operation period of funds in China is relatively short and cannot reflect all stages of the development of the stock and bond markets. The past performance of the fund does not predict its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Funds carry risks. Investors should fully understand the risk characteristics of this fund, consider the suitability opinions of sales institutions, combine them with their own risk tolerance, and invest cautiously. Investors should carefully read legal documents such as the "Fund Contract," "Prospectus," and "Fund Product Summary" to understand product information in detail. Invesco Great Wall Fund Management Co., Ltd. reminds you of the "buyer beware" principle of fund investment. After making an investment decision, investment risks arising from the fund's operational status and changes in the fund's net asset value shall be borne by you. The fund manager, fund custodian, fund sales institutions, and related institutions do not make any promises or guarantees regarding fund investment returns. This product is issued and managed by Invesco Great Wall Fund Management Co., Ltd. Selling agencies do not bear responsibility for the investment or redemption of the product.

Regarding the explanation of fund sales fees for the Invesco Great Wall CSI All Share Securities Companies Exchange Traded Open-End Index Securities Investment Fund: When investors subscribe for fund shares, subscription/redemption agency brokers may charge a commission of up to 0.3% of the subscription amount, which includes relevant fees charged by the stock exchange and registration institutions. When investors redeem fund shares, subscription/redemption agency brokers may charge a commission of up to 0.5% of the redemption amount, which includes relevant fees charged by the stock exchange and registration institutions. Relevant fee discounts are subject to the display by the sales institution.