证券行业点评：全面优化风控体系，助力优质券商提升ROE

Industry Investment Rating - The report maintains a "Synchronized with the Market" rating for the securities industry [12] Core Views - The revised "Regulations on the Calculation Standards for Risk Control Indicators of Securities Companies" will help high-quality securities companies, especially those with higher classification ratings, break through the limitations of net stable funding ratio and capital leverage ratio, further improve ROE, expand business scope, and provide more diversified financial services [12] - The optimization measures will promote the improvement of the competitive landscape within the industry, enhance the overall service capabilities and operational efficiency of the industry, and better provide comprehensive financial services for the real economy [12] - Key stocks to focus on are CITIC Securities (600030 SH) and Huatai Securities (601688 SH) [12] Key Stock EPS and PE Ratios - CITIC Securities: 2023A EPS is 1 33 yuan with a PE ratio of 15 65x, 2024E EPS is 1 31 yuan with a PE ratio of 15 89x, and 2025E EPS is 1 63 yuan with a PE ratio of 12 77x, rated as "Increase Holdings" [4] - Huatai Securities: 2023A EPS is 1 35 yuan with a PE ratio of 10 15x, 2024E EPS is 1 14 yuan with a PE ratio of 12 02x, and 2025E EPS is 1 58 yuan with a PE ratio of 8 67x, rated as "Buy" [4] Risk Control Indicators - The revised regulations optimize the calculation standards for risk control indicators of securities companies, including adjustments to risk capital preparation, total on and off balance sheet assets, liquidity coverage ratio, net stable funding ratio, and risk control indicators [5] - Large securities companies have shown significant improvement in risk control indicators in 2024H1, with a safe distance from warning standards [5] - High quality securities companies are expected to benefit from the policy dividends of risk control indicator optimization, which will help them further expand their balance sheets and boost ROE [5] Market Performance - The securities industry (Securities II) showed a 1 month increase of 8 56%, a 3 month increase of 4 12%, and a 12 month decrease of 12 04% [2] - The CSI 300 index showed a 1 month increase of 0 74%, a 3 month decrease of 4 11%, and a 12 month decrease of 10 35% [2] Related Reports - Securities Industry Monthly Report for September 2024: Marginal improvement in performance, acceleration of mergers and acquisitions [3] - Securities Industry Monthly Report for August 2024: Policy efforts to enhance the intrinsic stability of the capital market, potential recovery in securities industry performance [3] - Securities Industry Review: Suspension of securities lending to enhance investor confidence, conducive to market stabilization and recovery [3]