投资提振券商业绩，关注业绩催化下投资价值

Industry Investment Rating - Leading the Market-A (Maintained) [1] Core Views - Investment boosts brokerage performance, with a focus on investment value driven by performance catalysts [1] - Self-operated investments drive significant performance growth, with Guoyuan Securities and Dongxing Securities reporting strong revenue and net profit increases in 2024 [4][10] - The industry valuation has dropped to 1.34x bp as of January 10, 2025, with a valuation percentile at 41.30% since 2018, indicating potential upside [4][10] Market Performance - Last week (20250106-20250112), the CSI 300 Index and the ChiNext Index fell by 1.13% and 2.02%, respectively, while the Shenwan Non-Bank Financial Index dropped by 2.44%, ranking 18th among 31 Shenwan primary industries [11] - Top-performing stocks included Jinzheng Co (16.02%), Jiuding Investment (13.23%), and Dongxing Securities (4.77%), while underperformers included Jinlong Co (-5.73%), Hatou Co (-5.63%), and Huaxi Securities (-5.19%) [11][12] Key Industry Data - Last week, the A-share market saw a trading volume of 5.71 trillion yuan, with a daily average of 1.14 trillion yuan, down 14.43% week-on-week [5][12] - As of January 10, 2025, the market pledged stock ratio was 3.99%, and the margin trading balance was 1.82 trillion yuan, down 1.14% week-on-week [15][16] - In December 2024, new fund issuance reached 1495.14 billion shares, with equity fund issuance at 281.95 billion shares, down 73.05% month-on-month [15][16] - The bond market saw the ChinaBond Total Price Index rise by 0.05% year-to-date, with the 10-year Treasury yield at 1.63%, up 2.61bp year-to-date [15][16] Regulatory Policies and Industry Dynamics - The CSRC held a symposium to promote capital market reform, focusing on improving the policy system for long-term investment, enhancing market openness, and increasing product supply such as ETFs [9][18] - The CSRC issued new regulations clarifying standards for equity changes in listed companies and proposed rules for internet marketing by futures companies [19] Key Company Announcements - Guoyuan Securities reported 2024 revenue of 78.39 billion yuan, up 23.34%, and net profit of 22.85 billion yuan, up 22.33% [19] - Dongxing Securities expects 2024 net profit to increase by 76.89% to 107.38% [20] - Guotai Junan's merger with Haitong Securities was approved by the Shanghai Stock Exchange [20]