证券行业周观点：券商并购方案落地，经纪市场持续深化中

Investment Rating - The report maintains a "Positive" rating for the securities industry [3]. Core Insights - The securities sector saw a significant increase this week, with the broker index rising by 15.04%, outperforming the Shanghai Composite Index which rose by 5.50% [1][24]. - The brokerage market remains robust, with an average daily trading volume of 23,987.21 billion yuan, a 14.86% increase from the previous week [1][34]. - The number of new accounts opened in October surged to 6.85 million, significantly higher than the average monthly openings of 1.5 million in the first nine months of the year [1]. - The increase in local government debt limits is expected to add 1 trillion yuan in resources for local debt resolution, enhancing economic development and public welfare [1]. - The merger and acquisition activity in the industry continues, with Western Securities acquiring a controlling stake in Guorong Securities for approximately 3.32 yuan per share, totaling about 3.825 billion yuan [1]. Summary by Sections Market Data - The average daily trading volume for stocks reached 23,987.21 billion yuan, with the Shanghai Stock Exchange's average turnover rate at 1.81% and the Shenzhen Stock Exchange at 4.87% [1][34]. - The margin trading balance stood at 17,870.06 billion yuan, reflecting a 4.57% increase week-on-week [1][34]. - The total amount of stock underwriting this week was 5.671 billion yuan, with IPO underwriting accounting for 968 million yuan [1][34]. Investment Recommendations - The securities industry still holds investment value, with the broker index's price-to-book ratio at 1.72, indicating a recovery to the historical median [2]. - The report suggests focusing on leading brokers such as Huatai Securities, China Galaxy, CITIC Securities, CICC, and招商证券 [2].