头部券商业绩快报陆续发布建议关注年报行情

Investment Rating - The industry investment rating is "Overweight" [2][37]. Core Views - The securities sector has shown a weekly increase of 3.96%, outperforming the CSI 300 index by 1.82 percentage points and the Shanghai Composite Index by 1.65 percentage points. The current PB valuation for the brokerage sector is 1.51 times, close to the 50th percentile of 2020 [1][5]. - Major brokerages like CITIC Securities and China Merchants Securities have reported positive earnings growth for 2024, with CITIC Securities achieving a revenue of 63.789 billion yuan (+6.19%) and a net profit of 21.704 billion yuan (+10.06%) [1]. - The report highlights that the A-share market has become more active in the fourth quarter of 2024, benefiting brokerage firms' proprietary and economic businesses, which is expected to support overall performance in 2024 [1][5]. - The report emphasizes the ongoing trend of mergers and acquisitions in the brokerage industry, driven by regulatory encouragement and the need for high-quality development. It suggests focusing on merger-related stocks such as Guotai Junan and industry leaders like CITIC Securities and Huatai Securities [5]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume of A-shares for the week was 12,008 billion yuan, with a week-on-week increase of 5.14%. The average turnover rate was 3.36%, indicating a recovery in market activity [13][20]. - As of January 17, 2025, the total equity financing scale reached 57.93 billion yuan, with IPOs accounting for 3.5 billion yuan and refinancing for 54.5 billion yuan [15]. Insurance Weekly Data Tracking - The insurance sector saw a weekly increase of 1.46%, underperforming the CSI 300 index by 0.68 percentage points [6]. - The five major listed insurance companies reported a total premium income of 2.84 trillion yuan (+5.3%) for 2024, with China Life and China Ping An showing premium income growth of 4.7% and 7.2%, respectively [7][8].