证券行业周报：高位震荡

Investment Rating - The report maintains an "Overweight" rating for the securities industry as of October 14, 2024 [6]. Core Viewpoints - The report indicates that the recent pullback in the securities industry index is likely a normal correction following a significant rise, and the sector remains worthy of long-term investor attention due to its inherent characteristics and market expectations [4][17]. Market Review - During the week of October 8-11, the CSI 300 index decreased by 3.25%, while the Shenwan secondary industry index for the securities sector fell by 0.68%. Within the sector, 9 stocks rose and 41 fell [10]. - The top five performing stocks were Haitong Securities, Guotai Junan, Hongta Securities, CITIC Securities, and CICC, while the bottom five were Guosheng Jinkong, Caida Securities, Huaxin Shares, Guohai Securities, and Huachuang Yuxin [10][13]. Industry Fundamentals - The average price-to-earnings (P/E) ratio for the industry is 30.05, compared to the market average of 12.92, indicating a significant valuation premium for the securities sector [5]. - The report highlights that the securities industry has shown a year-to-date performance with a 23.40% increase in the Shenwan Securities Industry Index as of October 11, 2024 [13]. Important News - The report notes that the State Council has confirmed measures to enhance fiscal policy and support economic recovery, which is expected to positively impact the capital markets [9]. - The introduction of the SFISF (Securities, Fund, and Insurance Company Swap Facility) by the central bank aims to improve liquidity for financial institutions and stabilize the capital market [21].