证券Ⅱ行业月度点评：自营带动三季度业绩修复，行业估值有望持续提升

Investment Rating - The industry rating is maintained as "In line with the market" [2][11][48] Core Viewpoints - The self-operated business has driven performance recovery in Q3, and the industry valuation is expected to continue to improve [5][47] - The securities industry outperformed the market in October, ranking 14th among 31 Shenwan industry indices, with a 3.59% increase [8][16] - The average daily trading volume in October reached a historical high of 1.98 trillion yuan, which is expected to significantly benefit brokerage business [10][47] - The PB valuation of listed securities firms increased from 1.14x at the end of August to 1.58x by November 14, indicating room for further valuation recovery [13][48] Summary by Sections Key Stocks - Citic Securities: EPS of 1.33 yuan in 2023A, PE of 24.55; 1.37 yuan in 2024E, PE of 23.85; 1.70 yuan in 2025E, PE of 19.22, rated as "Add" [1] - Huatai Securities: EPS of 1.35 yuan in 2023A, PE of 14.17; 1.72 yuan in 2024E, PE of 11.12; 1.59 yuan in 2025E, rated as "Buy" [1] Market Performance - The securities sector's performance in October was driven by a recovery in market sentiment, with a 20.17% increase in revenue and a 38.08% increase in net profit in Q3 compared to the same period last year [9][46] - The financing and margin trading balance reached 1.71 trillion yuan by October 31, indicating a growing capital intermediary business [10][47] Investment Recommendations - Focus on high-quality leading securities firms and mergers and acquisitions as two main investment lines [48] - Recommended stocks include Citic Securities, Huatai Securities, and those undergoing mergers like Guotai Junan and Zhejiang Securities [48]