证券行业策略周报：再现券商并购

Investment Rating - The report maintains an "Overweight" rating for the securities industry [4]. Core Insights - The recent approval of IPO applications by the three major exchanges marks a significant development, with five companies receiving acceptance, indicating a thaw in the IPO market following the new "National Nine Articles" policy [2][7]. - The securities industry has seen a resurgence in mergers and acquisitions, exemplified by Western Securities planning to acquire a controlling stake in Guorong Securities, highlighting consolidation as a viable strategy for growth [4][16]. - Despite individual successes in the sector, the overall performance of the securities industry remains weak, with a noted decline in the industry index [4][16]. Summary by Sections Market Review - For the week of June 17-21, the CSI 300 index decreased by 1.30%, while the securities industry index fell by 1.47%, underperforming the CSI 300 by 0.17 percentage points. Out of 50 stocks in the sector, 43 declined and 7 increased [3][8]. - The top five performers in terms of stock price increase were Western Securities, Shanxi Securities, Nanjing Securities, Dongxing Securities, and China Merchants Securities. Conversely, the largest declines were seen in Xinda Securities, Huaxin Shares, Dongfang Fortune, Hualin Securities, and Guotai Junan [3][8]. Investment Strategy - The report suggests that the securities industry may continue to experience a weak trend in the short term, advising patience as the market adjusts. The recent merger activity, while positive for individual firms, has not yet translated into broader industry gains [4][16]. Industry Fundamentals - The average price-to-earnings (P/E) ratio for the securities industry stands at 21.56, compared to the market average of 11.83, indicating a relative valuation advantage for the sector [5]. - Historical P/E data shows a maximum of 55.09 and a minimum of 10.43, with the current P/E at the 24.92 percentile, suggesting that the sector is relatively undervalued compared to its historical range [19].