非银行业周报(2025年第三十九期)：自营业绩有望保持增长性，看好券商成长空间-20251110
AVIC Securities·2025-11-10 09:41

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 [40]. Core Views - The self-operated business of the securities firms is expected to maintain growth, with a significant increase in revenue from self-operated businesses, which reached CNY 187.82 billion, a year-on-year increase of 41.28%, accounting for 44.55% of total revenue [2]. - The securities sector has shown resilience, with the average daily trading volume in the A-share market reaching CNY 20,123 billion, although it experienced a week-on-week decline of 13.64% [12]. - The report emphasizes the positive impact of regulatory encouragement for industry consolidation, which is seen as an effective means for securities firms to achieve external growth and enhance overall competitiveness [3]. Summary by Sections Securities - The securities sector experienced a decline of 0.72% in the past week, underperforming the CSI 300 index by 1.54 percentage points [1]. - The self-operated business revenue of major firms like CITIC Securities and Guotai Junan has shown significant growth, with CITIC Securities reporting CNY 31.60 billion, up 45.88%, and Guotai Junan reporting CNY 20.37 billion, up 90.11% [2]. - The report highlights that the overall performance of securities firms is expected to continue improving, driven by increased market trading activity and a rise in margin financing balances [2]. Insurance - The insurance sector saw an increase of 1.25%, outperforming the CSI 300 index by 0.42 percentage points [8]. - In the first three quarters, 86 property insurance companies achieved a total insurance business income of CNY 1.37 trillion, with a net profit of CNY 77.83 billion, reflecting a year-on-year growth of 4.0% in income and 53.1% in profit [8]. - The report notes that the growth in the insurance sector is supported by an optimized business structure and improved operational efficiency [8].