证券Ⅱ行业月度点评：关注券商供给侧改革进展

Investment Rating - The industry investment rating is maintained as "in line with the market" [4][24]. Core Viewpoints - The securities industry underperformed the market in May, ranking 25th among 31 Shenwan industry indices with a decline of 3.92% [4][6]. - The median PB valuation of listed securities firms decreased to 1.09 times as of June 3, down by 0.07 times from the end of April [4][8]. - There has been significant progress in supply-side reforms within the industry, highlighted by mergers and acquisitions involving Guolian Securities and Zheshang Securities [4][24]. - The report suggests focusing on high-quality leading securities firms, financial technology empowerment, and mergers and acquisitions as key investment themes [4][24]. Summary by Sections Market Performance - The securities industry index fell by 3.92% in May, underperforming both the Shanghai Composite Index and the CSI 300 Index [6][8]. - The top-performing securities firms in May included Guolian Securities with a gain of 4.21% and Guotai Junan with a gain of 1.31% [8][9]. Valuation Metrics - As of June 3, the median PB valuation for large securities firms was 1.06 times, while for mid-small firms it was 1.16 times [4][8]. - The report indicates a general decline in valuations compared to the previous month [4][8]. Supply-Side Reforms - Notable mergers include Guolian Securities acquiring 100% of Minsheng Securities and Zheshang Securities acquiring a stake in Guodu Securities [4][24]. - Guolian Securities plans to raise up to 2 billion yuan for its acquisition [4][24]. Investment Recommendations - The report recommends focusing on leading firms such as CITIC Securities (600030.SH) and Huatai Securities (601688.SH), as well as mid-small firms involved in mergers like Guolian Securities (601456.SH) and Zheshang Securities (601878.SH) [4][24].