市场交投持续活跃，券商估值仍待修复

Investment Rating - The report maintains an "Overweight" rating for the securities industry [5][7][32]. Core Insights - The market remains active, supporting the recovery of brokerage performance, while the price-to-book (PB) ratio has fallen to a low range not seen in nearly a decade, indicating a high cost-performance ratio for investing in the brokerage sector [5][32]. - The brokerage index has a PB of 1.41x, currently at the 38th percentile over the past ten years, suggesting potential for valuation recovery [2][10]. Market Review - The Shanghai Composite Index rose by 3.82%, the CSI 300 Index by 2.8%, and the ChiNext Index by 3.9% during the week of January 5-9, 2026. The non-bank financial index increased by 2.6%, ranking 21st out of 31 sectors, underperforming the CSI 300 by 0.2 percentage points [2][10]. - The top five performing brokerages during this period were Huayin Securities (+16.1%), Huaan Securities (+7.1%), Huaxin Co. (+7%), Changjiang Securities (+6%), and Caida Securities (+4.8%). The five brokerages with the largest declines were CITIC Securities (-0.5%), Bank of China Securities (-0.9%), CITIC Construction Investment (-1.7%), Guolian Minsheng (-2.3%), and Industrial Securities (-2.4%) [2][10]. Industry Weekly Data Brokerage Business - The average daily stock trading volume in the Shanghai and Shenzhen markets surged to 28,287 billion yuan, a 34% increase week-on-week, nearing the high point of August 2025. In December 2025, the average daily trading volume was 18,645 billion yuan, reflecting a year-on-year increase of 17% [3][17]. - The new fund issuance in December 2025 included 35.6 billion shares for equity funds (up 26% year-on-year), 13.3 billion shares for mixed funds (up 52% year-on-year), and 51.3 billion shares for bond funds (down 53% year-on-year) [3][21]. Investment Banking Business - In 2025, a total of 332 companies engaged in equity financing, raising 10,826 billion yuan, a 273% increase year-on-year. This included 116 IPOs raising 1,318 billion yuan (up 95.4% year-on-year) and 172 additional issuances raising 8,877 billion yuan (up 413% quarter-on-quarter) [4][22]. Capital Intermediary Business - As of January 9, 2026, the margin financing and securities lending balance reached 26,276 billion yuan, a 3.4% increase week-on-week, continuing to set new highs and accounting for 2.82% of the total market capitalization of A-shares [25][26]. Investment Recommendations - The report suggests focusing on internet brokerages with strong beta attributes, such as Zhina Compass, and recommends considering Jiufang Zhitu Holdings in the Hong Kong market due to strong performance certainty amid active market trading [5][32].