[CITIC Construction Investment: The securities sector has medium and long-term allocation value, and it is recommended to pay attention to three main lines] On October 14th, CITIC Securities Research Report stated that the securities sector has medium- and long-term allocation value, and it is recommended to pay attention to three main lines. The post-holiday transaction volume rebounded month-on-month, mainly due to the calendar effect of the return of funds, but it is still in a downward trend year-on-year, and the return of funds is more reflected in the adjustment of existing positions, and the market as a whole is still in the shrinking and consolidation stage. The balance of financing and financing is at a historically high level, but the leverage level is basically consistent with the expansion of market capitalization. The risk of systemic increased leverage is controllable, and the market risk appetite is still on the path of recovery. The pace of equity financing is stable, and resources continue to be tilted towards new productivity areas. The current sector valuation is at a relatively low level in history, with a certain margin of safety. It is recommended to pay attention to the differentiated competitiveness securities companies of technology investment banks, leading securities companies in large wealth business and financial technology targets, and leading securities companies whose internationalization speed drives ROE upward.