Shang Hai Zheng Quan Bao·2025-11-03 11:21Core Insights - The report highlights that 44 brokerage firms have emerged as significant shareholders in 351 A-share stocks, with a total holding value exceeding 66 billion yuan, reflecting a strong interest in high-end manufacturing and technology sectors [1][2] Brokerage Holdings Overview - 44 brokerage firms are identified as top ten shareholders in 351 stocks, with a combined holding value of over 66 billion yuan as of the end of Q3 [2] - The most favored sectors among brokerages include machinery, pharmaceuticals, electronics, basic chemicals, and automobiles, with respective stock counts of 35, 28, 26, 25, and 18 [2] - Notable stocks with multiple brokerage endorsements include Shandong Highway, Zhongmin Resources, and Furen Energy, each held by three different brokerages [2] Top Holdings by Brokerages - The top ten brokerage stocks by holding value include: - CITIC Jiantou: Muyuan Foods, 19.84 billion yuan - Shenwan Hongyuan: Guangqi Technology, 10.79 billion yuan - Shenwan Hongyuan: Cangge Mining, 9.28 billion yuan - China Merchants Securities: Cangge Mining, 9.23 billion yuan - GF Securities: Jilin Aodong, 8.65 billion yuan - CITIC Securities: Shanghai Qiushi, 8.32 billion yuan - Guotai Junan: Postal Savings Bank, 7.27 billion yuan - CITIC Securities: Northeast Securities, 6.21 billion yuan - CITIC Jiantou: Shannon Chip, 5.93 billion yuan - GF Securities: Zhongmin Resources, 5.50 billion yuan [3] Changes in Holdings - Brokerages have newly entered 186 stocks by the end of Q3, with Guotai Junan leading by acquiring 126 million shares of Postal Savings Bank [3] - A total of 69 stocks saw increased holdings from brokerages, particularly in the basic chemicals and transportation sectors [4] Performance of Proprietary Trading - Proprietary trading has become the primary growth driver for brokerage firms, with 42 listed brokerages reporting a total proprietary income of 186.86 billion yuan, a year-on-year increase of 43.83% [5] - CITIC Securities leads the industry with 31.60 billion yuan in proprietary income, reflecting a 45.88% year-on-year growth [5] Market Trends and Outlook - The report indicates that the recovery of the equity market and the active technology sector have significantly contributed to the growth of brokerage firms' proprietary income [5][6] - Analysts suggest that the overall market is expected to maintain a steady upward trend, enhancing the sustainability of performance growth and indicating potential for valuation recovery in the sector [6]