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投资要点:1、看好创新业务占主导地位的大型券商。2、关注受经纪市场化影响不显著的小型券商。行业回顾:今年券商股行情反映了创新大会以及创新政策兑现的预期,市场对创新预期非常充分,但自11月份开始经纪业务市场化加速等利空显著增强,值得关注。我们认为纯粹靠创新预期推动的行情在2013年难以重演,明年市场会重点关注创新政策的落实以及不利创
Investment points: 1, optimistic about innovative business dominated large brokerages. 2, concerned about the broker marketization of the insignificant small broker. Industry Review: This year, the stock quotes of securities firms reflect the expectations of the Innovation Conference and the promulgation of innovative policies. The market is very full of expectation for innovation. However, since November, the market liberalization of brokerage business has significantly increased its negative impact. This is noteworthy. We believe that purely innovation-driven market is difficult to repeat in 2013, the market next year will focus on the implementation of innovation policies and unfavorable record