According to the CITIC Construction Investment Securities Research Report, the securities sector has medium- to long-term allocation value, and it is recommended to focus on three main lines. The month-on-month recovery in post-holiday turnover was mainly due to the calendar effect of capital return, but the year-on-year trend was still declining, and the return of capital was more reflected in stock position adjustments. The overall market is still shrinking and consolidating. The balance of the two loans is at a historically high level, but the level of leverage is basically in line with market capitalization expansion. The risk of systemic leverage is manageable, and market risk appetite is still in the repair channel. The pace of equity financing is steady, and resources continue to lean towards new quality productivity areas. Currently, sector valuations are at a historically relatively low level, and there is a certain margin of safety. It is recommended to focus on the differentiated competitiveness of technology investment banks, leading brokerage firms in the Big Wealth business, and leading brokerage firms that are fintech targets and drive the upward trend in international growth.

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