非银金融行业上市券商2024年半年报综述：业绩环比改善，行业分化加剧

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [1] Core Insights - The industry is experiencing a divergence in performance among listed brokers, with a year-on-year decline in net profit of 22% for the first half of 2024, but a quarter-on-quarter increase of 18% in Q2 [2][10] - The total revenue for 143 listed brokers in the first half of 2024 was 235 billion yuan, a decrease of 12.7% year-on-year, while net profit was 64 billion yuan, down 21.9% year-on-year [2][10] - The report highlights that the top ten brokers are likely to benefit from mergers and acquisitions, organizational innovation, and improved compliance and risk control [3] Summary by Sections Q2 Performance Improvement and Industry Concentration - Q2 performance showed improvement compared to Q1, although the overall first half remained under pressure [4] - The industry concentration is increasing, with a notable divergence in business performance among brokers [4][15] - The leverage ratio for listed brokers is 3.86, down 0.15 from the end of the previous year, with an annualized ROE of 5.14%, a decrease of 1.81 percentage points year-on-year [2][20] Asset Management Stability and Revenue Declines - The asset management sector remains relatively stable, with the total scale of private asset management products reaching 6.42 trillion yuan, an increase of 8% from the end of the previous year [2][25] - Revenue from proprietary trading and interest income has seen a narrowing decline, while brokerage and investment banking revenues are under pressure [5][21] - The report notes that the performance of international subsidiaries varies, with some brokers actively expanding into foreign markets [5][21] Investment Recommendations - The report suggests focusing on leading brokers with strong professional capabilities and robust compliance and risk control as the industry undergoes supply-side reforms [3][6] - The current valuation of the securities index is approximately 0.99x PB, indicating a historical low and suggesting a high cost-performance ratio and safety margin for the sector [3][6]