证券行业2025年半年度投资策略：稳字当头，稳中有进

Group 1 - The core viewpoint of the report emphasizes that the stable operation of the capital market is the current policy's main theme, with a focus on maintaining a stable and active capital market to support economic recovery and investor confidence [1][15][20] - The report highlights a comprehensive set of financial policies introduced on May 7, 2025, by the People's Bank of China, the Financial Regulatory Bureau, and the China Securities Regulatory Commission to stabilize market expectations and enhance liquidity [16][21][25] - The report indicates that the securities industry experienced a significant revenue increase of 11.15% year-on-year in 2024, with a notable profit growth of 21.35%, and a further increase in Q1 2025 with revenue growth of 24.60% and net profit growth of 83.48% [8][14][27] Group 2 - The report provides a forward-looking analysis for 2025, predicting that brokerage business will see a recovery in activity, with retail brokerage contributing significantly to revenue growth, while proprietary trading is expected to revert to average levels after a recent increase [8][18][31] - The investment strategy section suggests that the securities sector may face a challenging environment in the second half of 2025, with performance pressures expected to increase, but overall profitability is anticipated to remain stable [8][4][38] - The report recommends focusing on leading brokerage firms that are likely to perform well in a recovering market, as well as those with significant earnings elasticity and those with valuations below the sector average [8][4][39]