非银行金融行业周报：关注新开户超预期，券商并购持续推进

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that surpasses the benchmark index by over 10% [3][21]. Core Insights - The report emphasizes the importance of enhancing openness in the capital market, aiming to create a favorable investment environment for international investors. This aligns with the strategic goal of building a strong financial sector and developing leading brokerage firms [8][17]. - There is a notable increase in new individual investor accounts, with 6.8397 million new accounts opened in October 2024, the highest since June 2015. This surge is expected to benefit brokerage firms as market activity increases, potentially leading to improved performance in brokerage, asset management, and proprietary trading businesses [8][11]. Summary by Sections 1. Investment Recommendations - The report highlights the ongoing trend of mergers and acquisitions within the brokerage sector, exemplified by Western Securities' acquisition of Guorong Securities. It suggests monitoring the progress of these mergers and the potential for exceeding expectations [8][19]. 2. Market Review - Major indices experienced significant gains, with the Shanghai Composite Index rising by 5.51%, the CSI 300 by 5.50%, and the ChiNext Index by 9.32%. The total trading volume in A-shares reached 11.99 trillion yuan, with an average daily turnover of 2.40 trillion yuan, reflecting a 14.86% increase [9][11]. 3. Key Industry Data Tracking - As of November 8, 2024, the market had 3,332.08 billion shares pledged, accounting for 4.15% of total equity. The margin trading balance stood at 1.80 trillion yuan, up 6.10% [12][11]. - In October 2024, new fund issuance totaled 33.331 billion units, with a decrease in the number of funds issued by 61.73% compared to the previous month [11][12]. - The equity underwriting scale for October 2024 was 14.525 billion yuan, with IPOs accounting for 4.968 billion yuan and refinancing for 9.557 billion yuan [12]. 4. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) is committed to promoting high-level institutional openness in the capital market, aiming to create a transparent and stable regulatory environment for foreign investors [17][8]. - The CSRC held discussions on enhancing the role of securities and fund institutions in capital market development, emphasizing the need for improved governance and risk control [17]. 5. Key Announcements from Listed Companies - Citic Securities appointed Jin Jianhua as the new general manager, while Western Securities announced its plan to acquire a 64.5961% stake in Guorong Securities at a price of 3.3217 yuan per share [18][19].