证券行业近期观点更新：短期估值回调带来布局机会

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [8]. Core Insights - The report highlights that favorable capital market policies are continuously being implemented, which is expected to enhance market liquidity and stability, thereby promoting the securities industry's left-side layout value [1]. - Recent market fluctuations have led to a short-term valuation correction in the brokerage sector, creating a window for investment opportunities. As of November 27, the price-to-book ratio was 1.48x, down 11.90% from the peak of 1.68x on November 7 [1]. - The report suggests a continued focus on merger and acquisition (M&A) activities within the brokerage sector, particularly those that align with long-term strategic goals and can effectively integrate resources [1]. Summary by Sections Capital Market Policies - Since September, a series of favorable policies have been driving the recovery of market confidence and significantly improving liquidity. The China Securities Regulatory Commission (CSRC) has emphasized addressing the challenges faced by long-term funds entering the market [1]. Market Valuation - The recent volatility in the equity market has resulted in a valuation correction for the brokerage sector, with the current price-to-book ratio situated within the historical valuation range of 15%-20% [1]. M&A Focus - The report recommends ongoing attention to M&A activities, particularly those that enhance strategic positioning and operational efficiency within the brokerage sector [1].