[CITIC Securities: The performance resilience of the securities sector still exists, pay attention to the value of "new dividends" of securities companies] On October 18, CITIC Securities stated that the securities sector recommended a layout centered on the resilience of performance growth and the investment value of "new dividends." Focusing on the year, the fundamentals of the securities industry are still relatively resilient despite market adjustments. The development of technology finance and the release of equity financing demand are expected to support performance growth. The industry's net profit is expected to increase by 32% year-on-year in the first three quarters of 2026, and the full-year ROE is expected to hit a new high in the past decade. However, the current PE of the A/H-share brokerage sector is only 11.7 times/6.8 times, both at historical lows. The deviation between profitability and valuation further highlights the cost-effectiveness of investment. Looking at the long term, the optimization of the capital-heavy business structure and the development of customer-oriented trading business will help enhance the stability of profitability. The expansion of leverage and the improvement of the dividend mechanism are expected to continue to increase shareholder returns. The "new dividend" attribute of the industry deserves attention.