证券行业周观点：经纪市场持续走强，业绩将得到进一步释放

Investment Rating - The report maintains a "positive" rating for the securities industry, indicating continued investment value despite recent fluctuations in valuations [2][3]. Core Insights - The securities sector has shown resilience with a slight increase in the broker index, while the overall market has faced declines. The broker index rose by 0.52% as of November 1, 2024, while the Shanghai Composite Index fell by 1.68% and the ChiNext Index dropped by 5.14% [1][24]. - The brokerage market remains robust, with an average daily trading volume of 20,884.57 billion yuan, reflecting a week-on-week increase of 9.36%. The margin trading balance reached 17,089.08 billion yuan, up 3.02% from the previous week [1][34]. - The implementation of the "Cross-Border Wealth Management Connect" initiative is expected to enhance the wealth management services offered by securities firms, allowing them to better meet the diverse investment needs of residents in the Greater Bay Area [1][2]. - Third-quarter financial results for listed brokerages indicate a sequential improvement, with total revenue of 3,714.28 billion yuan for the first three quarters of 2024, a year-on-year decline of 2.75%, but a quarter-on-quarter increase of 5.58% in Q3 [1][2]. Summary by Sections Market Data - The average daily trading volume in the stock market was 20,884.57 billion yuan, with turnover rates of 1.56% on the Shanghai Stock Exchange and 4.54% on the Shenzhen Stock Exchange [1][34]. - The margin trading balance was reported at 17,089.08 billion yuan, marking a 3.02% increase week-on-week [1][34]. Underwriting Data - The total amount of stock underwriting this week was 4.246 billion yuan, with IPO underwriting accounting for 1.586 billion yuan and bond underwriting totaling 216.422 billion yuan [1][36]. Financial Performance - For the first three quarters of 2024, listed brokerages reported a total operating income of 3,714.28 billion yuan, with a net profit of 1,034.49 billion yuan, reflecting a year-on-year decline of 5.93% [1][2]. - The self-operated business income for the first three quarters was 1,316.89 billion yuan, showing a year-on-year growth of 28.10% [1][2].