[research and selection] the profits of securities firms increased high in the first quarter, and the performance inflection point has arrived. The current PB is only 1.24 times, below the 10% quartile in the past decade, and nearly 80% of the listed securities firms have a state-owned capital background; the company announced that it intends to use 100-200 million yuan to buy back, and analysis.

The profits of securities firms in ① increased sharply in the first quarter, and the performance inflection point has arrived. At present, the PB of the sector is only 1.24 times, which is below the 10% quartile in the past decade, and nearly 80% of the listed securities firms have a state-owned capital background. ② announced plans to use 100-200 million yuan to buy back, showing confidence in development, analysts are optimistic about the release of production capacity of its new investment projects, while raising profit expectations and target prices.