非银行业周报（2025年第三期）：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 maintained at "Overweight" [2][36]. Core Viewpoints - 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 revenue growth for 2024, with CITIC achieving a revenue of 63.789 billion yuan (+6.19%) and a net profit of 21.704 billion yuan (+10.06%). China Merchants Securities reported a total revenue of 20.872 billion yuan (+5.30%) and a net profit of 10.367 billion yuan (+18.29%) [1][5]. - The report highlights that the A-share market has become more active in the fourth quarter of 2024, benefiting brokerage firms' proprietary trading and economic business, 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 [2][5]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume of A-shares for the week was 1.2008 trillion yuan, with a week-on-week increase of 5.14%. The daily turnover rate was 3.36%, up by 0.07 percentage points [12]. - As of January 17, 2025, the total equity financing scale reached 57.930 billion yuan, with IPOs contributing 3.5 billion yuan and refinancing 54.5 billion yuan. The bond underwriting scale for December 2024 was 1.335878 trillion yuan, showing a year-on-year increase of 59.43% [14]. Insurance Weekly Data Tracking - The insurance sector saw a total premium income of 2.84 trillion yuan (+5.3%) from the five major listed insurance companies. China Life, China Pacific, and Ping An reported premium incomes of 671.7 billion yuan (+4.7%), 442.072 billion yuan (+4.4%), and 858.143 billion yuan (+7.2%) respectively [6][7]. - The report indicates that the property insurance sector achieved a total premium income of 1.06 trillion yuan (+5.4%) [7]. Industry Dynamics - The report notes that the China Securities Regulatory Commission has approved Guotai Junan's merger with Haitong Securities, marking a significant consolidation in the brokerage sector [1][29][30].