非银行金融行业周报：券商回购释放信心，行业估值仍处低位-20250610

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [4][31]. Core Insights - The report highlights an increase in "cancellation-style" share buybacks among brokerages, with six firms having repurchased a total of 129 million shares for 1.31 billion yuan as of June 5, 2025. This reflects management's confidence in their company's value and aims to optimize capital structure and improve profitability metrics [4][10]. - The industry is noted to have a favorable valuation, with an average price-to-book ratio of 1.33x, placing it in the 38.20 percentile since 2018, suggesting a good investment opportunity [4][10]. - The report emphasizes the ongoing capital market reforms and the expected implementation of detailed guidelines from the "Five Major Articles" of finance, which will clarify the development paths for the industry [4][10]. Summary by Sections Investment Suggestions - The report suggests focusing on the investment value of the sector, particularly as brokerages continue to enhance capital quality through mergers and acquisitions, and explore breakthroughs in technology and green finance [4][10]. Market Review - Major indices showed varying degrees of increase, with the Shanghai Composite Index rising by 1.13%, the CSI 300 by 0.88%, and the ChiNext Index by 2.32%. The total A-share trading volume reached 4.84 trillion yuan, with an average daily turnover of 1.21 trillion yuan, reflecting a week-on-week increase of 10.51% [5][11][19]. Key Industry Data Tracking 1. Market Performance and Scale: The report notes a significant increase in trading volumes and market indices, indicating a positive market sentiment [11][19]. 2. Credit Business: As of June 6, 2025, the market had 3,117.89 billion shares pledged, accounting for 3.85% of total equity, with a margin balance of 1.81 trillion yuan, reflecting a slight increase [19]. 3. Fund Issuance: In May 2025, new fund issuance totaled 657.59 billion shares, with a notable decline in stock fund issuance [19]. 4. Investment Banking: The report details an equity underwriting scale of 167.95 billion yuan in May 2025, with IPOs contributing 34.56 billion yuan [19]. 5. Bond Market: The report mentions a slight decline in the total price index of bonds since the beginning of the year, with a 10-year government bond yield of 1.65% [19]. Regulatory Policies and Industry Dynamics - The report discusses the increasing trend of share buybacks among brokerages and outlines new measures from regulatory bodies aimed at supporting financing for small and micro enterprises [27]. Key Announcements from Listed Companies - Tianfeng Securities plans to raise up to 4 billion yuan through a private placement, with specific allocations for wealth management and debt repayment [27].