非银金融行业券商&资本市场周观察：市场情绪向好，券商有望再次迎来强贝塔行情

Investment Rating - The industry investment rating is "Maintain Buy" [7] Core Viewpoints - Market sentiment is improving, and brokerage firms are expected to experience a strong beta market again. The trading activity is continuously active, and the market is recovering, indicating a significant improvement in the fundamentals of brokerages in Q1 2025. The average daily trading volume of A-shares in February reached 1.8 trillion yuan, up 47.8% from January and up 75.0% year-on-year [3][4][13] - The technology sector is leading the market, with the Sci-Tech 50 Index rising by 14.6% in February and the Hang Seng Tech Index increasing by 24%. This favorable market condition benefits the investment performance of leading brokerages with strong capabilities in the Sci-Tech board [3][4][14] - The strong beta opportunity in the brokerage sector comes from the reinforcement of positive feedback from market trends. The brokerage sector is currently in a phase of accumulating trading and investment momentum, with a cumulative increase of 5.4% since the holiday, which is notably weaker than the technology sector [4][14] Data Tracking - The average daily trading volume of A-shares was 19,140 billion yuan this week, up 9.4% week-on-week. The average daily trading volume for January-February was 14,472 billion yuan, up 75.0% year-on-year [2][29] - As of February 20, 2025, the margin balance of A-shares was 18,795 billion yuan, with a financing balance of 18,683 billion yuan and a securities lending balance of 112 billion yuan, reflecting significant increases [2][29] - Five new equity funds were established this week, totaling 4.35 billion units, a week-on-week increase of 748% [2][29] Investment Recommendations - Focus on internet brokerages with high trading elasticity and strong beta attributes, such as Dongfang Caifu. With the recovery of the equity market and the rise of passive investment, attention is recommended for leading brokerages with advantages in equity asset management and ETF management, such as CITIC Securities, GF Securities, and Huatai Securities. Brokerages with merger expectations, such as China Galaxy and CICC, are also recommended [5][14]