Xiangcai Securities·2025-10-12 11:00Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Views - The securities sector is expected to see a recovery in performance due to active market trading in the third quarter, with valuations currently at reasonable levels, indicating potential for valuation recovery [8][28]. - The average daily stock trading volume in the two markets reached 25,869 billion yuan, a significant increase of 19% week-on-week, reflecting a strong recovery in trading activity post-holiday [6][15]. - In September, the equity financing scale reached 43.7 billion yuan, a year-on-year increase of 109%, indicating robust activity in the investment banking sector [7][20]. Summary by Sections Market Review - The report notes that during the first week after the holiday, the securities sector performed actively, with the broker index rising by 0.5%, outperforming the CSI 300 index by 1 percentage point [5][10]. - The broker index's price-to-book ratio stands at 1.48x, maintaining a level consistent with the previous week and within the 48th percentile of the past decade [5][10]. Industry Weekly Data - Brokerage Business: The average daily stock trading volume in September was 23,927 billion yuan, reflecting a month-on-month growth of 5% and a year-on-year increase of 154% [6][15]. - Investment Banking: In September, 28 companies engaged in equity financing, with a total financing scale of 437 billion yuan, marking a year-on-year increase of 109% [7][20]. - Capital Intermediation: As of October 10, the margin trading balance reached 24,456 billion yuan, a 2.1% increase from the previous period, continuing to set new highs for the year [7][23]. Investment Recommendations - The report suggests focusing on internet brokers with strong beta attributes, such as Zhina Compass, and recommends attention to Jiufang Zhitu Holdings in the Hong Kong market due to their strong performance certainty amid active trading [8][28].