证券公司资产配置专题暨2024年报综述：固收为基，发力权益：券商自营的资产轮动攻略

Investment Rating - The report maintains an "Outperform" rating for the industry [4][6]. Core Insights - The securities industry has shown a growth trend in revenue and net profit, with total revenue reaching 362.39 billion yuan in 2024, a year-on-year increase of 7.7%, and net profit attributable to shareholders at 138.39 billion yuan, up 16.3% [13][16]. - The financial investment assets have become the primary expansion direction for securities firms, accounting for over 50% of total assets and nearly 250% of net assets by the end of 2024 [33][39]. - The report highlights a shift in asset allocation, with an increase in the proportion of fixed income assets and a stable allocation to equity assets [39][42]. Summary by Sections Annual Report Overview - The securities firms experienced a significant increase in quarterly performance in Q4 2024, with revenue of 113.63 billion yuan, a year-on-year increase of 47.2% and a quarter-on-quarter increase of 24.6% [16][19]. - The increase in trading activity in the stock market has led to a rise in brokerage and margin financing revenues, contributing to overall performance growth [16][19]. Asset Allocation - The report indicates that larger securities firms tend to have higher leverage and a greater proportion of equity assets in their investment portfolios, which enhances their expected returns [2][42]. - The decline in debt financing costs and regulatory guidance are expected to influence future asset allocation towards high-quality equity assets and multi-asset configurations [3][39]. Asset Management Configuration - By the end of 2024, the scale of private asset management products reached approximately 5.5 trillion yuan, with public asset management products at about 1.1 trillion yuan [4][19]. - Private asset management products are primarily funded by bank-owned and bank wealth management funds, with over 60% of the funding sources [4][19]. Investment Recommendations - The report recommends focusing on securities firms with high capital efficiency and comprehensive business lines, such as CITIC Securities and Huatai Securities, as well as firms that have successfully integrated mergers, like Guolian Minsheng [4][5].