证券及多元金融行业24Q3持仓：证券行业显著增配，聚焦券商ETF权重股

Investment Rating - The report maintains a recommendation for the securities industry, suggesting significant overweighting, particularly focusing on broker ETF weighted stocks [2][7]. Core Insights - The overall holding ratio for the securities industry has significantly increased to 0.64% in Q3 2024, up by 0.23 percentage points from the previous quarter, while the multi-financial sector's holding ratio has decreased to 0.2%, down by 0.06 percentage points [3][4]. - The increase in the securities sector's holding ratio is attributed to a substantial improvement in market conditions since the end of September, leading to a rapid rise in the broker sector [3][4]. - Key stocks in the securities sector that have seen increased allocations include Dongcai, Huatai, and CITIC, with their combined increase accounting for 0.26 percentage points [4][7]. Summary by Sections Securities Industry - The holding ratios for key brokerages are as follows: Dongcai at 0.17% (up by 0.094 percentage points), Huatai at 0.17% (up by 0.092 percentage points), and CITIC at 0.14% (up by 0.079 percentage points) [4][5]. - The report highlights that Huatai Securities is undervalued with a relatively strong fundamental outlook, while Dongcai's wealth management logic is expected to yield higher performance elasticity amid market recovery expectations [4][7]. - Conversely, China Galaxy's holding ratio has decreased to 0.028% (down by 0.016 percentage points), indicating potential reallocation [4][5]. Multi-Financial Sector - The decline in the multi-financial sector's holding ratio is primarily due to a reduction in the Hong Kong Stock Exchange's holding ratio, which fell to 0.097% (down by 0.06 percentage points) [5][6]. - The report suggests that the decrease in holdings is likely related to the significant recovery in domestic market conditions, prompting institutional reallocations [5][6]. Investment Recommendations - The report recommends focusing on broker stocks with performance elasticity, listing the following in order of preference: Industrial Securities, GF Securities, CITIC Securities, Huatai Securities, Dongcai Securities, and others [7][8].