CITIC Securities Co., Ltd.(SH:600030) AVIC Securities·2026-01-20 05:34Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][43]. Core Insights - The report highlights that the securities sector experienced a decline of 2.21% during the week, underperforming the CSI 300 index by 1.64 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.38 times [1][2]. - CITIC Securities reported a net profit of 30.051 billion yuan for 2025, marking a year-on-year increase of 38.46%, and its operating revenue reached 74.83 billion yuan, up 28.75% year-on-year. This performance is attributed to the overall upward trend in the domestic capital market and increased investor confidence [2][41]. - The report emphasizes the importance of mergers and acquisitions in enhancing industry competitiveness and resource allocation, suggesting that regulatory encouragement for industry consolidation will support high-quality development [3][6]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume of A-shares was 34,651 billion yuan, reflecting a week-on-week increase of 21.50%, with a daily turnover rate of 5.41%, up 0.92 percentage points [12]. - As of January 16, 2026, the equity financing scale reached 115.727 billion yuan, with IPOs contributing 3 billion yuan and additional financing of 109.6 billion yuan [14]. - The total balance of margin financing was 27,187.27 billion yuan, showing an increase of 911.36 billion yuan from the previous week [21]. Insurance Weekly Data Tracking - As of November 2025, the total assets of insurance companies reached 40.65 trillion yuan, with a year-on-year growth of 15.50%. Life insurance companies accounted for 35.75 trillion yuan of this total [29]. - The original insurance premium income for the industry in November 2025 was 57,628.81 billion yuan, reflecting a year-on-year increase of 7.56% [31].