21世纪经济报道·2025-11-01 14:39Core Viewpoint - The article highlights the significant changes in the stock holdings of brokerage firms in A-shares during the third quarter, emphasizing a strong focus on "hard technology" sectors and cyclical industries, alongside a notable increase in self-operated business revenues for these firms [1][13]. Group 1: Brokerage Holdings and Investment Trends - A total of 47 brokerage firms appeared among the top ten shareholders of 373 A-share listed companies, with a combined market value of approximately 66.73 billion yuan as of the end of the third quarter [1]. - The number of newly added heavy positions in the "hard technology" sector was the highest among brokerage firms, with hardware equipment, chemicals, machinery, and pharmaceutical biology leading the way [2][4]. - The hardware equipment sector saw the most new heavy positions, with 29 new stocks, benefiting from strong demand in AI servers, optical modules, PCBs, and consumer electronics, resulting in a year-to-date increase of over 60% in the Wind hardware equipment index [4]. Group 2: Specific Stock Movements - Notable new heavy positions included companies like Shaanxi Huada, Guanghong Technology, and Yachuang Electronics, which were newly added by two or more brokerages [5]. - In the chemical sector, stocks like Kai Meiteqi, benefiting from the "domestic lithography machine" trend, saw significant increases, with a stock price rise of over three times this year [5]. - Traditional sectors such as finance and energy also attracted attention, with Postal Savings Bank being a major new holding for Guotai Junan, which acquired 126.47 million shares, making it the largest new position for a single brokerage [5][6]. Group 3: Changes in Holdings - In the third quarter, 63 heavy stocks were increased by brokerages, while 62 were reduced, with the chemical and hardware equipment sectors seeing the most increases [7]. - The increase in holdings in the chemical sector is attributed to expectations of a recovery in cyclical sectors, with leading companies like Titan Chemical and Chuanheng Co. being core targets for some brokerages [7]. - The hardware equipment sector's increased holdings were linked to popular themes such as AI and humanoid robots, with companies like Aoshikang and Qingniao Fire Protection being notable mentions [7]. Group 4: Brokerage Strategies - Different-sized brokerages exhibited distinct strategies, with large brokerages adopting a "broad net" approach while smaller ones focused on "key breakthroughs" [12]. - Leading brokerages like Huatai Securities and CITIC Securities held the highest number of stocks, with significant market values, while smaller firms concentrated their investments in fewer stocks [12]. - The self-operated business remains the largest revenue contributor for brokerages, with 42 listed brokerages achieving a total revenue of 186.86 billion yuan, a year-on-year increase of 43.83% [13][15]. Group 5: Performance and Outlook - Six brokerages reported self-operated business revenues exceeding 10 billion yuan, with CITIC Securities leading at 31.60 billion yuan [15]. - Smaller brokerages like Changjiang Securities and Guolian Minsheng exhibited remarkable growth in self-operated business revenues, with increases of over 200% [16]. - The article notes a divergence in performance among brokerages, with some experiencing declines in self-operated business revenues, highlighting the importance of equity allocation capabilities [16][17].