证券Ⅱ行业点评：汇金接手三大AMC股权，券商整合预期升温

Investment Rating - The industry investment rating is "In line with the market" [2][7]. Core Viewpoints - The report highlights that the transfer of shares to Central Huijin will enhance the efficiency of financial resource allocation and strengthen the financial system's risk resistance. This is expected to lead to deeper cooperation between asset management companies (AMCs) and securities firms, optimizing processes for handling non-performing assets and promoting asset securitization [2][3]. - The report emphasizes the expectation of increased consolidation among securities firms, particularly with the support of policies aimed at fostering leading investment banks and institutions. It suggests a focus on the integration of licenses among Huijin-controlled securities firms [2][3]. Summary by Sections Key Stocks - Citic Securities is projected to have an EPS of 1.33 in 2023, with a PE ratio of 21.26, and is rated as "Increase Holding" [2]. - Guolian Minsheng is expected to have an EPS of 0.24 in 2023, with a PE ratio of 48.33, also rated as "Increase Holding" [2]. Market Performance - The securities industry has shown a 1-month increase of 7.46%, a 3-month decrease of 11.93%, and a 12-month increase of 28.51% [6]. - In comparison, the CSI 300 index has increased by 3.87% over the past month, decreased by 0.54% over the past three months, and increased by 17.31% over the past year [6]. Investment Recommendations - The report recommends continuous attention to the integration of licenses among Huijin-controlled securities firms, particularly focusing on leading firms such as Citic Securities, Guolian Minsheng, and others undergoing mergers and acquisitions [2][3].