人民财讯12月10日电，银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调 证券板块未来走向，流动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素 共同推动证券板块景气度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展 现出"健康牛"态势，财富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当 前板块估值处于历史低位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自 营、跨境等业务领域具备差异化竞争优势的券商。 ...

Group 1: Earnings Growth - The expected earnings growth for listed securities firms in Q3 is projected to be 20% quarter-on-quarter and over 51% year-on-year[1] - In the first half of the year, the earnings of listed securities firms increased by 51.5% year-on-year, with Q1 and Q2 growth rates of 53% and 50% respectively[1] - The average daily trading volume of A-shares in the first three quarters was 1.62 trillion RMB, a year-on-year increase of 104.6%, with Q3 showing a significant increase of 208.8%[1] Group 2: IPO and Fundraising - The total IPO fundraising amount in A-shares for the first three quarters was 77.3 billion RMB, a year-on-year increase of 62%[1] - Total equity fundraising reached 896.2 billion RMB, a year-on-year increase of 3.4 times, with a notable increase of 84% when excluding state-owned banks' directed placements[1] - The top three firms in A-share IPO underwriting amounts were CITIC, Guotai Junan, and Huatai[1] Group 3: Market Performance and Valuation - The CSI 300 index rose by 17.9% in the first three quarters, with small-cap indices, especially the ChiNext and Sci-Tech 50 indices, increasing by over 50%[1] - The current price-to-book ratio of the A-share securities industry index is 1.45, which is at the 44th historical percentile over the past 10 years, indicating a relatively low valuation[1] - The strong performance in Q3 is expected to support further valuation increases for the securities sector[1] Group 4: Investment Recommendations - The securities sector is rated as having high investment value, with leading firms expected to benefit from favorable market conditions[1] - Buy ratings are maintained for CITIC Securities, Huatai Securities, and CICC, reflecting confidence in their performance[1]