证券行业周报：震荡整理

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1]. Core Insights - The China Securities Regulatory Commission (CSRC) has released eight financial industry standards, which will enhance the classification and analysis of listed companies, contributing to a more scientific basis for capital market operations [8][10]. - The securities industry index experienced a decline of approximately 3% last week, attributed to changing market expectations and investor caution as the year-end approaches [3][11]. - The average price-to-earnings (P/E) ratio for the securities industry is reported at 28.30, significantly higher than the market average of 12.34, indicating a potential valuation constraint [5]. Market Review - For the week of November 18-22, the CSI 300 index fell by 2.60%, while the securities industry index dropped by 2.89%, with only 2 stocks rising and 48 declining [11]. - The top five performing stocks in the securities sector were Dongfang Caifu, Xibei Securities, First Entrepreneurship, Huachuang Yuxin, and Shouchuang Securities, while the bottom five were Zheshang Securities, Everbright Securities, Tianfeng Securities, Zhongjin Company, and Jinlong Shares [14][15]. Weekly Investment Strategy - The report suggests that the securities industry is likely to remain in a state of consolidation in the short term due to prevailing cautious investor sentiment and the recent market downturn [3][29]. - The report emphasizes that the release of valuation constraints in the securities industry may provide opportunities for future growth as market conditions stabilize [3]. Important News - West Securities has announced the acquisition of Guorong Securities for 3.32 yuan per share, totaling 38.25 billion yuan, with a premium of over 50% on net assets, which is expected to enhance its market competitiveness [33][34][35]. - The demand for public fund licenses among securities asset management firms is increasing, as they seek to stabilize fixed income and expand equity investments amid a competitive landscape [38][39].