证券Ⅱ行业月度点评：做好金融五篇大文章，科技赋能行业高质量发展

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][27] Core Viewpoints - The securities industry underperformed the market in January, with the Shenwan Securities Index declining by 7.41%, ranking 30th among 31 industry indices [7][8] - As of February 17, the PB valuation of listed securities firms is 1.32 times, down 0.12 times from the end of December, with large securities firms at 1.27 times and small and medium-sized firms at 1.36 times [10] - Continuous deepening of capital market reforms is expected to enhance the high-quality development of the securities industry and provide sufficient momentum for valuation improvement [7][26] - The introduction of DeepSeek technology is anticipated to optimize various business segments of securities firms, improving information processing efficiency and enabling high-quality industry development [26][27] Summary by Sections Market Performance Review - The securities industry index fell by 7.41% in January, underperforming the Shanghai Composite Index and the CSI 300 Index by 4.40 and 4.42 percentage points, respectively [7][8] - The average daily trading volume in January was 21.44 trillion yuan, with a 25% month-on-month decline but a 64% year-on-year increase [13] Valuation and Financial Metrics - The PB valuation of listed securities firms decreased to 1.32 times as of February 17, with large firms at 1.27 times and small and medium-sized firms at 1.36 times [10] - The stock pledge business continued to shrink, with the number of pledged shares decreasing by 3 billion shares in January [16] Investment Recommendations - The report suggests focusing on high-quality leading securities firms and those involved in mergers and acquisitions. Recommended firms include Citic Securities and Huatai Securities for their strong operational stability and capital strength [27] - The report also highlights firms like Guolian Minsheng and Zheshang Securities for their potential in the mergers and acquisitions sector [27] Industry Developments - The China Securities Regulatory Commission (CSRC) has issued several policies aimed at enhancing capital market efficiency and supporting the development of quality enterprises [28][31] - The integration of major asset management companies under Central Huijin is expected to strengthen the market structure and improve operational efficiency [26][38]