证券基金行业周度跟踪：市场成交额保持高位，券商整合进程加速

Investment Rating - The report maintains a "Positive" investment rating for the industry [1]. Core Insights - The report highlights that the merger and restructuring activities among major brokerages, such as Guotai Junan and Haitong Securities, are accelerating, which is expected to enhance market sentiment and drive brokerage performance back to a growth range. The average daily trading volume in the A-share market remains high at around 20 trillion yuan, indicating a significant recovery in market activity [2][16]. Summary by Sections 1. Key Data Tracking - The report notes that all major equity indices and bond indices experienced gains during the week of November 4-8, with the Shanghai Composite Index rising by 5.51% and the brokerage sector outperforming with a 15.04% increase [8]. - The average daily trading volume in the A-share market reached 23,987 billion yuan, a 14.9% increase from the previous week, while the year-to-date average is 9,504 billion yuan, up 8.3% compared to the entire year of 2023 [10]. - The report indicates that the issuance of public funds has reached a new high for the year, with 23 new public funds launched, totaling 442.88 billion units, driven by the popularity of the CSI A500 index fund [11][12]. 2. Recent Hot Events - The Shanghai government has approved the merger of Guotai Junan and Haitong Securities, emphasizing the need for a smooth and orderly implementation of the merger [4][12]. - Western Securities announced progress in acquiring a controlling stake in Guorong Securities, with a market valuation of 6.044 billion yuan for the shares being transferred, reflecting a 51.06% increase in value compared to the end of 2023 [13][14]. - The report mentions the executive swaps between CITIC Securities and CITIC Jin Investment, which have sparked market speculation regarding further mergers in the sector [15]. 3. Investment Recommendations - The report suggests focusing on two main lines of investment: 1) the merger-driven growth of leading brokerages, particularly CITIC Securities and China Galaxy; 2) the improvement in capital market liquidity, with a recommendation to pay attention to Eastmoney, which has high elasticity in brokerage business [16].