商半年报披露完毕，投行业绩显著承压

Investment Rating - The industry investment rating is "Increase" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [44]. Core Viewpoints - The securities sector saw a week-on-week increase of 1.90%, outperforming the CSI 300 index by 2.07 percentage points. The current price-to-book (PB) ratio for the brokerage sector is at 1.01, which is historically low [3]. - The total operating income for 44 listed brokerages (excluding Dongfang Caifu) was 236.51 billion yuan, a decrease of 12.63% year-on-year, while the net profit attributable to shareholders was 64.01 billion yuan, down 22.17% [3]. - The investment banking business faced significant pressure, with revenues dropping by 40.78% to 14.13 billion yuan. Only three brokerages reported positive growth in their brokerage business [3]. - The insurance sector experienced a 2.37% increase, outperforming the CSI 300 index by 2.07 percentage points. The five major listed insurance companies reported a total net profit of 171.80 billion yuan, a year-on-year increase of 12.55% [6]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume of A-shares was 606.4 billion yuan, up 11.79% week-on-week, indicating a recovery in market activity [10]. - The net inflow of northbound funds was -5 billion yuan, a decrease compared to the previous week [10]. - The total equity financing scale reached 206.6 billion yuan, with IPOs accounting for 42.3 billion yuan [14]. Insurance Weekly Data Tracking - As of June 2024, the total assets of insurance companies reached 33.80 trillion yuan, a year-on-year increase of 15.74% [29]. - The original insurance premium income for the industry in June 2024 was 354.67 billion yuan, up 10.65% year-on-year [31]. - The investment allocation of insurance funds showed a significant focus on bonds, with 45.41% of the total investment in bonds [31]. Industry Dynamics - The regulatory environment is tightening, with a clear push for brokerages to transform their business models and focus on becoming first-class investment banks [3]. - Recent announcements from the Beijing Stock Exchange aim to standardize the issuance and listing processes for public offerings [35]. - The fiscal policy report emphasizes the need for stronger government investment to support economic growth [36].