证券行业周报：短期或高位强势整理

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights an acceleration in equity changes among small and medium-sized brokerages, indicating a rising expectation for mergers and acquisitions within the industry. This trend reflects a reassessment of value by major shareholders and an active internal consolidation within the brokerage sector [5][13][15]. Summary by Sections Market Review - During the week of December 2-6, the CSI 300 Index increased by 1.44%, while the securities industry index rose by 2.37%. Within the sector, 46 stocks increased, 2 remained flat, and 2 declined [6][19]. - The top five performing stocks were: Harbin Investment, Hualin Securities, Tianfeng Securities, Southwest Securities, and Pacific Securities. The bottom five were: Guosheng Financial Holdings, Huaxi Securities, Great Wall Securities, First Venture, and Jinlong Holdings [20][21]. Investment Strategy - The securities industry index outperformed the CSI 300 Index, maintaining a strong market position. As the end of 2024 approaches, investor enthusiasm remains high, and market activity is vibrant. The report maintains a view that the short-term outlook will be characterized by strong consolidation at high levels [7][34]. Important News - The report notes that as of the end of October, the total scale of private asset management by brokerages reached 55,113.7 billion, a decrease of 1,816.3 billion from September, but still an increase of 2,067.85 billion compared to the end of last year, reflecting a 3.9% growth [38]. - The report also mentions that the scale of actively managed asset management plans was 28,935.42 billion, accounting for 52.5% of the total private asset management business of brokerages [39].