证券基金行业周度跟踪：估值业绩共振向上，全面看好龙头+弹性标的

Investment Rating - The report maintains a "Positive" investment rating for the securities and fund industry [1]. Core Insights - The report highlights a significant turnaround in the capital market expectations due to policy enhancements, with a notable increase in trading volume and improved liquidity in the equity market [4][17]. - The brokerage sector has seen a substantial increase in stock prices, with a 39% rise in the brokerage sector from September 24 to September 30, indicating a potential upward trend in both valuation and performance [4][24]. - The report emphasizes the importance of head brokerage firms benefiting from industry resource optimization and improved risk control indicators, recommending specific stocks such as Citic Securities and China Galaxy [4][24]. Summary by Sections 1. Key Data Tracking - Market Performance: Major indices such as the Shanghai Composite and CSI 300 saw increases of 21.91% and 25.52% respectively during the week of September 23-30 [8]. - Market Activity: The average daily trading volume for A-shares reached 13,204 billion CNY, a 134.7% increase from the previous week, with a peak trading volume of 26,115 billion CNY on September 30 [11]. - Public Fund Issuance: A total of 251 billion units of public funds were issued during the week, with equity funds accounting for 204 billion units, indicating a strong interest in passive stock index funds [15]. 2. Recent Key Events - Policy Announcements: On September 24, the central bank announced significant policy measures including lowering reserve requirements and interest rates, aimed at stabilizing the stock market [17]. - Securities Regulatory Reforms: The China Securities Regulatory Commission (CSRC) released guidelines to support mergers and acquisitions, enhancing the regulatory framework for listed companies [19]. - Market Stability Initiatives: The central political bureau emphasized the need to boost the capital market and facilitate long-term capital inflows, indicating a proactive approach to market stabilization [22][23]. 3. Investment Recommendations - The report suggests that the brokerage sector is poised for valuation expansion and fundamental improvement, with a focus on leading firms that can leverage resource integration and risk management enhancements [24]. - Specific stocks recommended include Citic Securities, China Galaxy, and Dongfang Caifu, which are expected to benefit from increased trading volumes and improved brokerage business performance [24].