Core Viewpoint - The report from交银国际 maintains a leading rating for the securities industry, highlighting high investment value and potential opportunities due to short-term market fluctuations [1] Group 1: Earnings and Growth - The brokerage firms are expected to see a 20% quarter-on-quarter increase in profits for Q3, with year-on-year growth anticipated to remain above 50% [1] - In the first half of the year, listed brokerages reported a 51.5% year-on-year profit increase, with Q1 and Q2 showing growth rates of 53% and 50% respectively [1] - The average daily trading volume of A-shares for the first three quarters was 1.62 trillion RMB, reflecting a year-on-year increase of 104.6%, with Q3 expected to show a 208.8% year-on-year growth due to a low base [1] Group 2: IPO and Fundraising - The A-share IPO fundraising amount for the first three quarters reached 77.3 billion RMB, a 62% year-on-year increase, significantly higher than the 15% growth in the first half [2] - Total equity fundraising amounted to 896.2 billion RMB, a 3.4 times increase year-on-year, with 376.2 billion RMB (an 84% increase) when excluding the directed issuance by state-owned banks [2] - The top three firms in A-share IPO underwriting amounts were 中金, 国泰海通, and 华泰, while 中金 led in Hong Kong stock underwriting [2] Group 3: Market Performance and Valuation - The A-share market saw significant gains in Q3, with the CSI 300 index rising by 17.9% in the first three quarters, while small-cap indices, particularly the ChiNext and Sci-Tech 50 indices, exceeded 50% growth [2] - The current price-to-book ratio for the A-share securities industry index is 1.45, which is below the historical median of 1.51, indicating that the sector is still undervalued despite strong expected earnings growth [2]
交银国际：预计3季度盈利有望保持高增速 证券板块估值具吸引力