证券行业周报：资金面向好，风险偏好或持续修复

Investment Rating - The industry investment rating is "Overweight" [4] Core Viewpoints - Liquidity has significantly improved, and market risk appetite may continue to recover. As of the end of February, the average daily trading volume of A-shares reached 9,016 billion CNY, a 22.1% increase from January, marking a new high since the second half of 2023. The financing balance has reversed its downward trend, increasing by 328 billion CNY in a single week. Northbound funds have net bought 488 billion CNY over four consecutive weeks, indicating a recovery in market risk appetite, which is beneficial for the fundamentals of brokerage firms [2][10][11] - The capital market ecosystem is expected to improve as the China Securities Regulatory Commission (CSRC) has held a series of meetings to gather opinions on enhancing market regulation, preventing risks, and promoting high-quality development. The CSRC has committed to strengthening oversight and increasing the inspection ratio of listed companies, which is expected to address investor concerns regarding the quality of listed companies [10][35][37] Summary by Sections Market Review - In the week of February 19-23, 2023, the non-bank financial sector (Shenwan) rose by 2.80%, ranking 27th among 31 Shenwan first-level industries, underperforming the CSI 300 index by 0.91 percentage points. The securities sector (Shenwan) increased by 2.35%, underperforming the CSI 300 index by 1.36 percentage points. Notable stock performances included Shouchuang Securities (+16.85%), Huaxin Shares (+11.03%), and Jinlong Shares (+10.27%) [11][12] Industry Data - As of February 22, the average daily trading volume of A-shares was 9,028 billion CNY, down 6.9% week-on-week. The financing balance increased by 2.4% week-on-week, while the margin trading balance decreased by 4.2%. Year-to-date, the average daily margin trading balance has increased by 1.4% year-on-year. In January 2024, the IPO and refinancing fundraising amounts were 119 billion CNY and 509 billion CNY, respectively, showing year-on-year increases of 71.7% and a decrease of 53.8% [2][21] Investment Recommendations - Capital market reforms and liquidity improvements are the main catalysts for the brokerage sector's market performance. It is recommended to pay attention to high-probability opportunities following the market bottom reversal in the brokerage sector, particularly focusing on Citic Securities and Huatai Securities, which are expected to benefit from optimized risk control indicators and have room for leverage increase [3][10]