Shengang Securities·2025-06-23 09:50Investment Rating - The report maintains an "Accumulate" rating for the securities industry [6] Core Views - The securities industry index fell over 1.7%, significantly exceeding the decline of the CSI 300 index, indicating further internal differentiation within the sector [4][29] - The overall trend of the securities sector is expected to remain in a volatile pattern, influenced by external factors, with some stocks potentially experiencing pulse-like fluctuations [4][29] Summary by Sections Weekly Economic Overview - In May 2025, the industrial added value above designated size grew by 5.8% year-on-year, with a month-on-month increase of 0.61% [7][10] - From January to May 2025, the industrial added value increased by 6.3% year-on-year [7][10] Market Review - For the week of June 16-20, the CSI 300 index decreased by 0.45%, while the securities industry index dropped by 1.73%, with only 2 stocks rising and 47 falling [2][13] Securities Sector Performance - The top five stocks by price change were Dongwu Securities, Guotai Junan, Guosen Securities, China Merchants Securities, and Shouguang Securities [3][14] - The bottom five stocks were Xiangcai Securities, Jinlong Securities, Tianfeng Securities, Northeast Securities, and Everbright Securities [15][20] Investment Strategy - The report suggests that the securities sector may be influenced by external factors, leading to a volatile market environment, while the overall trend is expected to remain oscillatory [4][29]