非银行业周报(2025年第三十八期)：券商三季报披露完毕，业绩增长持续性增强-20251103

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [3][43]. Core Views - The securities sector has shown a decline of 0.53% this week, underperforming the CSI 300 index by 0.10 percentage points and the Shanghai Composite Index by 0.64 percentage points. The current PB valuation for the brokerage sector stands at 1.43 times, which is near the 50th percentile of 2020, indicating a historical low [1][2]. - For the third quarter, 43 listed brokerages (excluding Dongfang Caifu) reported a total operating revenue of CNY 421.62 billion, a year-on-year increase of 16.88%, and a net profit attributable to shareholders of CNY 169.25 billion, up 62.41%. The main revenue drivers were brokerage and proprietary trading businesses, benefiting from significantly improved market trading activity [2][6]. - The report suggests that the capital market is expected to maintain a steady upward trend, enhancing the sustainability of profit growth and indicating potential for valuation recovery in the brokerage sector [2][6]. Summary by Sections Brokerage Weekly Data Tracking - The brokerage sector's performance in various business lines showed significant growth, with brokerage income increasing by 67.92% to CNY 112.54 billion, investment banking income rising by 15.51% to CNY 25.29 billion, and proprietary trading income growing by 41.28% to CNY 187.82 billion [2][10]. Insurance Weekly Data Tracking - The insurance sector experienced a decline of 0.89%, underperforming the CSI 300 index by 0.46 percentage points. The five listed insurance companies reported a total net profit of CNY 426.04 billion for the first three quarters, reflecting a year-on-year growth of 33.5% [7][8]. - China Life led the insurance sector with a net profit of CNY 167.80 billion, a 60.5% increase year-on-year, while the overall business quality of insurance companies has improved due to better management of underwriting profitability and asset allocation [8][9].