Guangfa Securities research report stated that the overall performance of the securities industry in the third quarter of 2024 rebounded, with a year-on-year increase of +41% in net profit attributable to the mother, and an increase in industry concentration. The performance of various business lines mostly declined to varying degrees, and the general proprietary business became the driving force for the rise. Looking ahead, first, the influx of incremental funds into the market and the implementation of stable rise policies will help sustainably boost market confidence; second, the innovative currency tools of the Central Bank will land, stabilizing and activating the capital market, opening up leverage enhancement space for top securities firms; third, internal and external factors will drive the market's warming, and the subsequent phase of contraction in investment banking business is expected to recover, with the increased certainty of the overall trend of general wealth management rise, the securities industry's performance is expected to continue to recover, with elasticity expected; fourth, the industry structure is expected to usher in a new breakthrough. The current valuation has been significantly restored, and the securities regional fund assets are still at a low point.
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Guangfa Securities: Gen-proprietary First Rebound Brokerage Performance Expected to Continue to Improve.
Guangfa Securities research report stated that the overall performance of the securities industry in the third quarter of 2024 rebounded, with a year-on-year increase of +41% in net profit attributable to the mother, and an increase in industry concentration. The performance of various business lines mostly declined to varying degrees, and the general proprietary business became the driving force for the rise. Looking ahead, first, the influx of incremental funds into the market and the implementation of stable rise policies will help sustainably boost market confidence; second, the innovative currency tools of the Central Bank will land, stabilizing and activating the capital market, opening up leverage enhancement space for top securities firms; third, internal and external factors will drive the market's warming, and the subsequent phase of contraction in investment banking business is expected to recover, with the increased certainty of the overall trend of general wealth management rise, the securities industry's performance is expected to continue to recover, with elasticity expected; fourth, the industry structure is expected to usher in a new breakthrough. The current valuation has been significantly restored, and the securities regional fund assets are still at a low point.