证券行业周报：关注估值与业绩的匹配

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [5] Core Viewpoints - The recent increase in the securities industry index outperformed the Shanghai and Shenzhen 300 index, indicating a significant rebound in the market, although this does not necessarily imply a resolution of valuation pressures [3][26] - The report highlights the importance of matching industry growth rates with valuations in the short term [3][26] - The People's Bank of China and the China Securities Regulatory Commission have initiated measures to stabilize the capital market, including a focus on stock buybacks and increased financing options for listed companies [9][10] Market Review - For the week of January 13-17, the Shanghai and Shenzhen 300 index rose by 2.14%, while the securities industry index increased by 3.96%, with all stocks in the sector showing gains [11][12] - The top five performing stocks in the securities sector were Guosheng Jinkong, Jinlong Co., Dongfang Caifu, Northeast Securities, and Hatou Co. [12][13] Weekly Investment Strategy - The report suggests that the recent rise in the securities industry is likely a reflection of overall market recovery rather than a decrease in valuation pressure, emphasizing the need to consider growth and valuation alignment [3][26]