证券行业周观点：政策推进下估值有望持续恢复

Investment Rating - The report maintains a "Positive" investment rating for the securities industry in China [1]. Core Viewpoints - The securities sector is experiencing a brief adjustment, but the brokerage market continues to strengthen. As of October 25, the broker II (Shenwan) index fell by 0.99% this week but has risen by 1.87% since October [3]. - The average daily trading volume in the stock market reached 1,909.72 billion yuan, a week-on-week increase of 14.49%, with the Shanghai Stock Exchange's average turnover rate at 3.85% and the Shenzhen Stock Exchange's at 1.40% [3][37]. - The balance of margin financing and securities lending reached 1,658.847 billion yuan as of October 24, up 4.02% from the previous week [3][37]. - The introduction of swap convenience operations by leading brokerages is expected to further expand their proprietary trading scale [3]. - The People's Bank of China has launched a stock repurchase and increase loan policy, with an initial quota of 300 billion yuan, aimed at stabilizing stock prices and enhancing market confidence [3]. Summary by Sections Market Data - The average daily trading volume in the stock market was 1,909.72 billion yuan, a 14.49% increase from the previous week [3][37]. - The balance of margin financing reached 1,658.847 billion yuan, reflecting a 4.02% week-on-week growth [3][37]. - The stock underwriting amount for the week was 5.881 billion yuan, including 1.794 billion yuan for IPOs and 4.087 billion yuan for additional issuances [3][37]. Investment Recommendations - The securities industry still holds investment value, with the Wind broker index PB (LF) valuation at 1.53 times, indicating recovery but still below historical median levels. The report suggests focusing on Huatai Securities, China Galaxy, CITIC Securities, CICC, and招商证券 [4].