证券行业周报：短期行业或受情绪主导

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [4] Core Viewpoints - The securities industry experienced a significant increase, with the Shanghai Composite Index rising by 5.50% and the securities sector index increasing by 15.04% during the week of November 4-8, 2024. All 50 stocks in the sector saw gains [2][8] - The surge in the securities industry is attributed to improved third-quarter performance and ongoing mergers within the industry. The current valuation is at a three-year high, driven by overall market recovery and optimistic investor sentiment regarding future prospects [3][14] Summary by Sections Market Review - The Shanghai Composite Index rose by 5.50% and the securities industry index increased by 15.04% from November 4 to November 8, 2024. All stocks in the sector showed positive performance [2][8] - The top five performing stocks were Huayin Securities, CITIC Securities, Western Securities, Dongfang Wealth, and CITIC Jinpu, while the bottom five were Tianfeng Securities, Hatou Shares, Northeast Securities, Huazhong Securities, and Hongta Securities [9][10] Investment Strategy - The report suggests that the securities industry is currently experiencing a high valuation, influenced by positive quarterly results and industry mergers. It emphasizes the importance of monitoring changes in investor sentiment in the short term [3][14] Important News - Four listed securities firms announced plans for a total of over 568 million yuan in dividends for the third quarter, marking the first instance of quarterly dividends in the A-share market. This reflects a trend towards more frequent dividend distributions among listed firms [17][18] - Western Securities plans to acquire a 64.5961% stake in Guorong Securities for approximately 3.825 billion yuan, which is expected to enhance its asset scale and profitability [20]