证券行业周报：或随大势起舞，以配置为主

Investment Rating - The report maintains an "Overweight" rating for the securities industry [6] Core Insights - 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% [11][16] - The securities industry index underperformed the CSI 300 index last week, with a slight increase in individual stock prices, indicating a market trend that may follow broader market movements without significant catalysts in the short term [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%. Among the 49 stocks in the sector, 30 rose, 2 remained flat, and 17 declined [2][17] Securities Sector Performance - The top five stocks by price change 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 suggests that the securities industry may follow the overall market trend in the short term, with a focus on allocation due to the lack of clear catalysts [4][28] Industry Fundamentals - The average price-to-earnings (P/E) ratio for the securities industry is 21.87, compared to the market average of 12.26, indicating a higher valuation in the sector [7][30]