证券行业近期观点更新：市场交投持续活跃，券商并购再迎进展

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [10]. Core Insights - The securities market is experiencing sustained trading activity, with mid- to long-term funds continuously entering the market, and broker mergers are progressing rapidly. The current valuation of the sector and institutional holdings remain low, suggesting continued investment opportunities in the brokerage sector [1][3]. - The report emphasizes the importance of focusing on brokerages that lead in financial technology and have strong wealth management capabilities, as these are more likely to achieve performance elasticity in the current market environment. Key companies to watch include Dongfang Caifu, CITIC Securities, and Huatai Securities [3]. - The report highlights the ongoing trend of institutional investors entering the market, driven by recent policy initiatives aimed at increasing the participation of long-term funds. This shift is expected to enhance market stability and create growth opportunities for brokerage firms [5]. - Financial technology investments are aiding brokerages in optimizing business processes and reducing operational costs, with many firms actively integrating advanced technologies such as AI and big data [5]. - The report notes significant progress in brokerage mergers, with several firms receiving regulatory approvals for mergers and acquisitions, indicating a trend towards consolidation in the industry [5]. Summary by Sections Market Activity - The trading activity in the A-share market has significantly improved since October 2024, with daily trading volumes exceeding 1 trillion yuan. As of February 20, 2025, the average daily trading volume reached 1.34 trillion yuan, and the margin trading balance rebounded to 1.87 trillion yuan, returning to 2021 levels [5]. Investor Structure - Recent policy measures have been introduced to facilitate the entry of mid- to long-term funds into the market, including enhancing the investment policies for commercial insurance funds and optimizing the management mechanisms for social security and pension funds [5]. Financial Technology - Brokerages are increasingly investing in financial technology to enhance operational efficiency and reduce costs. The integration of advanced technologies is expected to further drive the digital transformation of the brokerage sector [5]. Mergers and Acquisitions - The report details several recent mergers and acquisitions within the brokerage sector, indicating a trend towards consolidation. Notable developments include the approval of Guosheng Financial's merger with its subsidiary and other significant changes in brokerage ownership structures [5].