证券行业2024年三季报综述：自营业务业绩表现亮眼，市场回暖及政策推动下业绩有望得到进一步释放

Investment Rating - The report maintains a "Positive" outlook for the securities industry [4] Core Insights - The securities industry is expected to see performance improvements driven by market recovery and policy support, with a high probability of positive net profit growth in 2024 [1][2] - The self-operated business has shown significant revenue growth, while other business segments have experienced varying degrees of decline due to market conditions [1][2] Summary by Sections Market Recovery and Performance Differentiation - The market experienced a rapid recovery in Q3 2024, with significant increases in major indices. By September 30, the CSI 300, Securities II (CITIC), and ChiNext had risen by 17.10%, 25.53%, and 15.00% respectively [1][8] - The total revenue of listed securities firms for the first three quarters of 2024 was CNY 371.43 billion, a year-on-year decrease of 2.75%, while Q3 revenue was CNY 136.40 billion, reflecting a quarter-on-quarter increase of 5.58% [1][14] - Net profit for the first three quarters was CNY 107.63 billion, down 5.64% year-on-year, but Q3 net profit was CNY 40.99 billion, up 13.58% quarter-on-quarter [1][14] Self-Operated Business Performance - The self-operated business revenue for the first three quarters of 2024 reached CNY 137.94 billion, a year-on-year increase of 24.35%, with Q3 revenue at CNY 59.86 billion, up 37.78% quarter-on-quarter [1][18] - The proportion of self-operated business revenue increased by 8.1 percentage points to 37.14% of total revenue [1][18] - The overall trading volume in the A-share market decreased by 9.10% year-on-year, totaling CNY 333.39 trillion for the first three quarters of 2024 [1][22] Investment Recommendations - The securities sector is currently at a historical valuation midpoint, with a price-to-book (PB) ratio of 1.47x, indicating attractive investment opportunities [2] - The report suggests that the self-operated business may see further growth due to new policies and market conditions, with specific firms like Huatai Securities, China Galaxy, CITIC Securities, CICC, and招商证券 recommended for investment [2]