证券行业行业点评：行业展现业绩弹性，修复势头或将延续

Investment Rating - The report maintains a "Recommended" rating for the securities industry, indicating a positive outlook relative to the benchmark index [3]. Core Insights - The overall performance of listed securities firms shows strong earnings elasticity, with a reduction in the decline of revenue and net profit compared to the first half of 2024. Revenue reached 371.43 billion yuan, down 2.41% year-on-year, while net profit was 103.45 billion yuan, down 5.54% year-on-year [1]. - Leading firms like CITIC Securities maintain a solid position, with revenue growth of 0.73% year-on-year, while Huatai Securities and Guotai Junan saw revenue increases of 15.41% and 7.29%, respectively [1]. - The report highlights the recovery of investor confidence in China's capital markets, driven by supportive policies aimed at stabilizing growth and boosting the stock market, which is expected to enhance the profitability of the securities sector [3]. Summary by Sections Revenue and Profit Performance - As of Q3 2024, the 43 listed securities firms achieved total revenue of 371.43 billion yuan, with a year-on-year decline narrowing by 10.28 percentage points compared to H1 2024. Net profit reached 103.45 billion yuan, with a decline reduction of 16.39 percentage points [1]. - CITIC Securities reported a net profit of 16.80 billion yuan, up 2.35% year-on-year, while Huatai Securities and Guotai Junan reported net profits of 12.52 billion yuan and 9.52 billion yuan, with increases of 30.63% and 10.38%, respectively [1]. Profitability Metrics - Huatai Securities leads the industry in return on equity (ROE) at 7.59%, an increase of 4.41 percentage points from H1 2024. CITIC Securities and招商证券 follow with ROEs of 6.3% and 6.12% [2]. - 招商证券 boasts a net profit margin of 50.07%, significantly higher than other listed firms, while国海证券 and中泰证券 have lower margins of 6.31% and 6.77% [2]. Market Outlook - The report anticipates continued performance improvement for listed securities firms in Q4 2024, supported by a favorable liquidity environment and ongoing policy measures aimed at enhancing market conditions and investor confidence [3].