2 1 Shi Ji Jing Ji Bao Dao·2025-11-01 14:47Core Insights - The report highlights the significant changes in the stock holdings of brokerage firms during the third quarter, with a focus on "hard technology" sectors and cyclical industries, indicating a strategic shift in investment preferences [1][10]. Brokerage Holdings Overview - A total of 47 brokerage firms appeared among the top ten shareholders of 373 A-share listed companies, with a combined holding value of approximately 66.73 billion yuan [1]. - The third quarter saw 206 new stocks being added to the brokerage firms' portfolios, with a notable concentration in the "hard technology" sectors such as hardware equipment, chemicals, machinery, and biomedicine [3][5]. Sector-Specific Insights - The hardware equipment sector led with 29 new heavy positions, driven by strong demand in AI servers, optical modules, PCBs, and consumer electronics, resulting in a year-to-date increase of over 60% in the Wind hardware equipment index [5]. - Key stocks such as Shaanxi Huada, Guanghong Technology, and Yachuang Electronics were newly added by multiple brokerages [6]. - Traditional sectors like finance and energy also attracted significant interest, with Postal Savings Bank being the most heavily acquired stock, with 126.47 million shares purchased by Guotai Junan [7]. Investment Strategies - The report indicates a divergence in strategies among brokerages, with leading firms adopting a "broad net" approach while smaller firms focus on "key bets" [15]. - Major brokerages like Huatai Securities and CITIC Securities held 50 and 39 stocks respectively, accounting for nearly 39% of the total market value held by brokerages [15]. - Smaller firms, such as Caida Securities, concentrated their investments, with a notable example being their entire 6.66 billion yuan investment in Yong'an Futures [15]. Performance of Proprietary Trading - The proprietary trading segment remains the largest revenue contributor for brokerages, with 42 firms reporting a total income of 186.86 billion yuan, reflecting a year-on-year growth of 43.83% [16]. - Six major brokerages, including CITIC Securities and Guotai Junan, generated over 10 billion yuan in proprietary trading income, contributing to more than half of the total revenue from this segment [18]. - Smaller brokerages like Changjiang Securities and Guolian Minsheng exhibited remarkable growth, with income increases exceeding 200% [18]. Market Trends and Future Outlook - The report suggests that the strong performance of the A-share market has provided ample investment opportunities for brokerages, particularly in the context of a recovering equity market [19]. - However, there are indications of performance disparities among brokerages, with some experiencing declines in proprietary trading income, highlighting the importance of effective equity allocation strategies [19][20].