证券行业周报：估值复苏

Investment Rating - The industry investment rating is "Overweight" (maintained) as of September 30, 2024 [2]. Core Insights - The report highlights a significant recovery in the valuation of the securities industry, with a notable increase in the industry index by 25.60% over the past week, outperforming the CSI 300 index which increased by 15.70% [4][9]. - Recent policy measures announced by the People's Bank of China and other regulatory bodies aim to support stable growth in the real economy, which is expected to positively impact the securities market [3][7]. Summary by Sections Industry Overview - The report indicates that the average price-to-earnings (P/E) ratio for the industry is 30.25, compared to the market average P/E ratio of 13.26 [1]. Market Review - During the week of September 23-27, 48 out of 50 stocks in the securities sector experienced price increases, with the top five performers being Dongfang Caifu, Tianfeng Securities, Guohai Securities, Jinlong Co., and Pacific Securities [4][9]. - The report notes that the securities industry index has shown a strong performance, leading to a significant short-term profit effect for investors [5][17]. Investment Strategy - The report suggests that the future performance of the securities industry will depend on investor expectations regarding the implementation of new policies [5][17]. - It emphasizes the importance of monitoring the progress of policy details and the strength of economic policy advancement as favorable indicators for the capital market [8][22].