DeepSeek大部署，券商牌照再整合

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The deployment of the DeepSeek model by multiple brokerage firms is highlighted, indicating its integration into various core business areas to enhance capabilities in information retrieval, document processing, industry research, market analysis, software development, marketing strategy formulation, compliance Q&A, and business guidance [2][7]. - The report emphasizes ongoing mergers and acquisitions in the brokerage industry, particularly the shift of control to Central Huijin Company for several brokerages, which may enhance their competitive advantage in consolidation efforts [3][7]. Summary by Sections Investment Suggestions - The report discusses the active exploration and deployment of the DeepSeek model by brokerage firms, which is expected to improve their financial technology capabilities at a lower cost, thus enhancing overall efficiency across various business segments [7]. - Continuous monitoring of mergers and acquisitions in the brokerage sector is recommended, particularly regarding announcements from Central Huijin Company and its implications for brokerage licenses [3][7]. Market Review - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.30%, the CSI 300 by 1.19%, and the ChiNext Index by 1.88% during the week [8]. - The average daily trading volume in A-shares reached 1.75 trillion yuan, reflecting an 8.29% increase compared to the previous period [9]. Key Industry Data Tracking 1) Market Performance and Scale: - The report notes that the total trading volume in A-shares for the week was 8.75 trillion yuan, with a daily average of 1.75 trillion yuan, marking an 8.29% increase [9]. 2) Credit Business: - As of February 14, the market had 3,204.71 billion shares pledged, accounting for 3.96% of the total share capital, with a margin balance of 1.85 trillion yuan, reflecting a 1.80% increase [11]. 3) Fund Issuance: - In January 2025, new fund issuance totaled 832.64 billion units, with a decrease of 44.31% in the number of funds issued compared to the previous month [11]. 4) Investment Banking: - The report states that in January 2025, the equity underwriting scale reached 905.50 billion yuan, including 71.31 billion yuan from IPOs and 834.20 billion yuan from refinancing [11]. 5) Bond Market: - The report indicates that the total price index of bonds has increased by 0.04% since the beginning of the year, with the yield on 10-year government bonds at 1.65%, up by 4.69 basis points [12].