证券行业周报：或随大势起舞，以配置为主-20250423

Investment Rating - The report maintains an "Overweight" rating for the securities industry [6] Core Views - The first quarter of the national economy shows a good start, with GDP reaching 318,758 billion yuan, a year-on-year growth of 5.4% and a quarter-on-quarter increase of 1.2% [1][11] - The securities industry index underperformed the CSI 300 index last week, but more than half of the stocks in the sector saw price increases [4][28] - The report suggests that the securities industry may follow the broader market trends in the short term, with a focus on allocation due to the lack of significant catalysts [4][28] Summary by Sections Market Review - During the week of April 14-18, the CSI 300 index rose by 0.59%, while the securities industry index increased by only 0.07%. Within the sector, 30 stocks rose, 2 remained flat, and 17 declined [2][17] Securities Sector Performance - The top five stocks by price increase were Tianfeng Securities, Huahuan Securities, Dongwu Securities, Dongfang Securities, and Guoxin Securities. The bottom five were Guolian Minsheng, Xiangcai Shares, Shouchuang Securities, Xinda Securities, and CITIC Securities [3][19] Investment Strategy - The report indicates that the securities industry index's performance lagged behind the CSI 300 index, suggesting a strategy focused on allocation in the absence of clear short-term catalysts [4][28] Industry Fundamentals - The industry consists of 49 stocks, with an average price-to-earnings (P/E) ratio of 21.87, compared to the market average P/E ratio of 12.26 [7][30]