Shang Hai Zheng Quan Bao·2025-11-03 18:16Core Insights - The report highlights that 44 brokerage firms have invested in 351 stocks, with a total holding value exceeding 66 billion yuan as of the end of Q3 [2][3] - High-end manufacturing and technology sectors are identified as popular investment directions for brokerages, reflecting a shift towards structural opportunities in the equity market [2][3] Brokerage Holdings Overview - The top 10 stocks held by brokerages by market value include Muyuan Foods, Guangqi Technology, and Cangge Mining, with holdings exceeding 1 billion yuan for several stocks [3][4] - The distribution of holdings indicates a strong focus on sectors such as machinery, pharmaceuticals, electronics, and basic chemicals, with the highest number of stocks in machinery equipment (35 stocks) and pharmaceuticals (28 stocks) [3][4] Trading Activity - Brokerages have entered 186 new stocks, with notable new positions including Postal Savings Bank and China Foreign Transport, each exceeding 30 million shares [4] - A total of 69 stocks saw increased holdings, particularly in the basic chemicals and transportation sectors, while 61 stocks were reduced, indicating a selective approach to portfolio management [5][4] Self-Operated Business Performance - Self-operated business remains the largest revenue contributor for brokerages, with a reported income of 186.857 billion yuan in the first three quarters, marking a 43.83% year-on-year increase [6][7] - Major brokerages like CITIC Securities and Guotai Junan reported significant growth in self-operated income, driven by a recovering equity market and strategic asset allocation [6][7] Market Trends and Analysis - Analysts note that the active trading environment and increased margin financing have positively impacted brokerage performance, with a significant rise in average daily trading volume [7] - The shift towards equity assets and the reduction in bond investments reflect a broader trend of rebalancing within the brokerage sector [7]