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 is 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 drivers of this growth were the 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 Securities Weekly Data Tracking - Brokerage business revenue reached CNY 112.54 billion, up 67.92% year-on-year. Investment banking revenue was CNY 25.29 billion, increasing by 15.51%. Asset management revenue was CNY 33.30 billion, up 2.34%, while proprietary trading revenue was CNY 187.82 billion, a growth of 41.28% [2][10]. Insurance Weekly Data Tracking - The insurance sector saw a decline of 0.89%, underperforming the CSI 300 index by 0.46 percentage points and the Shanghai Composite Index by 1.00 percentage points [7][8]. - Five listed insurance companies reported a total net profit of CNY 426.04 billion for the first three quarters, a year-on-year increase of 33.5%. China Life led with a net profit of CNY 167.80 billion, up 60.5% [8][9]. Industry Dynamics - The report highlights that regulatory encouragement for industry consolidation is present, with mergers and acquisitions being an effective means for brokerages to achieve external growth. This consolidation is expected to enhance overall industry competitiveness and optimize resource allocation [6][10].