证券行业半年报业绩回顾：2季度盈利降幅收窄，当前估值有吸引力

Industry Investment Rating - The industry rating has been upgraded to "Leading" due to improved liquidity in the stock market and attractive valuations for securities firms [1][14][16]. Core Insights - The net profit of 43 listed securities firms in the first half of 2024 decreased by 22.2% year-on-year, with a narrowing decline compared to the first quarter [1][3]. - The asset management business showed stable performance, while the investment banking and brokerage revenues faced significant declines [3][6]. - The overall asset scale of listed securities firms slightly decreased by 1.1% as of June 2024, with changes in the structure of proprietary investments [8][9]. - The introduction of new monetary policy tools by the central bank is expected to enhance market liquidity and trading activity, benefiting the securities industry [14][16]. Summary by Sections Performance Overview - In the second quarter of 2024, the decline in profits for listed securities firms narrowed, with a year-on-year decrease of 11.4% [1][3]. - The core revenue of listed firms fell by 16.9%, primarily due to declines in investment banking fees, proprietary investment income, and brokerage revenues [3][5]. Asset Management and Investment Structure - The asset management scale stabilized, with a 9% increase compared to the beginning of the year [3][6]. - The structure of proprietary investments shifted, with an increase in bond holdings and a decrease in equity investments [8][9]. Financial Metrics - The average return on equity (ROE) for listed securities firms was 2.13%, down 0.92 percentage points year-on-year [5]. - The net interest income for listed firms decreased by 29.7%, primarily due to lower margin financing rates [12][13]. Market Outlook - The current valuation of the securities sector is attractive, with the industry index trading at a price-to-book ratio of 1.03, below the historical average [16]. - Mergers and acquisitions among securities firms are anticipated to act as a catalyst for improving sector performance [1][16]. Recommendations - The report maintains a "Buy" rating for Huatai Securities and CITIC Securities, citing their balanced business structures and stable profit performance [18][19].