Investment Rating - The report maintains a "Positive" investment rating for the non-bank sector, particularly focusing on the brokerage industry [12]. Core Insights - The market is recovering, with an increase in average daily trading volume to 17,245.62 billion yuan, a 13.23% increase week-on-week. The Shanghai Composite Index rose by 1.44%, indicating an overall recovery in the equity market [5][61]. - Recent mergers and acquisitions in the brokerage sector, such as Zhejiang Securities becoming the major shareholder of Guodu Securities, are expected to enhance the industry's concentration and improve risk control indicators, leading to higher return on equity (ROE) levels [5]. - The report recommends key brokerage firms including China Galaxy, Huatai Securities, and CITIC Securities as potential investment opportunities [5]. Summary by Sections Market Performance - As of December 6, the Shanghai Composite Index increased by 1.4%, while the ChiNext Index rose by 1.9%. The non-bank sector showed overall recovery, with the securities sector up by 2.4% and the insurance sector up by 4.1% [40][41]. Brokerage Data Tracking - The average daily trading volume in the two markets increased to 17,245.62 billion yuan, with a week-on-week increase of 13.23%. The average turnover rate was 2.16%, reflecting a 20.54 basis point increase [62]. - Margin trading balance increased by 1.44% to 1.87 trillion yuan, indicating a recovery in the brokerage business [67]. Investment Business - The equity market is showing signs of recovery, with the Shanghai Composite Index up by 1.44% and the ChiNext Index up by 1.94% as of December 6. The bond market also saw a slight increase [65]. Financing Activities - In November, equity financing reached 19.151 billion yuan, a 58.6% increase month-on-month, while bond financing totaled 730 billion yuan, up 34.5% [69][71].
投资银行业与经纪业行业每周一话：市场回暖叠加券业并购提速，看好非银板块景气度上行
Changjiang Securities·2024-12-10 00:44