Investment Rating - The report assigns an "Overweight" rating for the investment banking and brokerage industry, maintaining the same rating as previously [3]. Core Insights - The speech by Wu Qing at the 2024 Lujiazui Forum emphasizes the commitment to effectively implement the new "National Nine Articles," focusing on strengthening fundamentals and strict regulation, which is expected to benefit professional leading brokerages [4]. - The report highlights that recent policies and nearly 50 supporting rules have been introduced to enhance the capital market, aiming to boost investor confidence and stabilize the market [4]. - Key policy focuses include supporting new productive forces, enhancing the investment value of listed companies, and strengthening investor protection [4]. Summary by Sections Investment Recommendations - It is recommended to increase holdings in leading brokerages with expected mergers and acquisitions, specifically suggesting stocks such as China Galaxy, CICC H, CITIC Securities, and Huatai Securities [4]. - As of June 19, the brokerage sector's price-to-book (PB) ratio is 1.16, which is at the 0.60% percentile since 2012, indicating high safety margins and cost-effectiveness [4]. Detailed Company Analysis - CITIC Securities: EPS for 2022A is 1.44, projected to be 1.32 in 2024E, with a P/E ratio of 12.88 for 2022A [5]. - Huatai Securities: EPS for 2022A is 1.22, projected to be 1.44 in 2024E, with a P/E ratio of 10.70 for 2022A [5]. - CICC H: EPS for 2022A is 1.57, projected to be 1.33 in 2024E, with a P/E ratio of 5.57 for 2022A [5]. - China Galaxy: EPS for 2022A is 0.71, projected to be 0.74 in 2024E, with a P/E ratio of 16.46 for 2022A [5].
投资银行业与经纪业关于吴清陆家嘴论坛开幕式上主旨演讲的点评：严监严管决心再强化，利好专业头部券商
Guotai Junan Securities·2024-06-20 00:01