证券及多元金融行业24Q4持仓报告：证券、多元金融行业持仓比边际下滑

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - The report highlights a noticeable decline in the holding ratios of the securities and diversified financial sectors, with the securities sector's holding ratio dropping to 0.50% (down by 0.14 percentage points) and the diversified financial sector's holding ratio decreasing to 0.13% (down by 0.07 percentage points) in Q4 2024 [3][5]. - The report suggests that the marginal decline in holding ratios is primarily due to profit-taking activities following a market rebound in September, leading to a more cautious stance among public funds [3][5]. - The report recommends focusing on securities firms with performance elasticity, particularly those expected to benefit from a recovery in market conditions, listing firms such as Zhongjin H, Guotai Junan, CITIC, Huatai, and others as preferred choices [8][22]. Summary by Sections Securities Sector - The report notes a concentration of reduced allocations in specific stocks such as Dongcai, CITIC, and Huatai, with their holding ratios at 0.069% (down by 0.098 percentage points), 0.10% (down by 0.042 percentage points), and 0.11% (down by 0.055 percentage points) respectively [5]. - Conversely, Guotai Junan's holding ratio increased to 0.077% (up by 0.047 percentage points), indicating a shift in investor sentiment towards this stock [5]. Diversified Financial Sector - The holding ratio for the Hong Kong Stock Exchange decreased to 0.041% (down by 0.055 percentage points), while Hainan Huatie's holding ratio fell to 0.011% (down by 0.023 percentage points) [8]. - Jiangsu Jinzu's holding ratio, however, increased to 0.062% (up by 0.016 percentage points), reflecting a positive trend in this particular stock [8].