证券行业2018年投资策略：聚焦龙头，关注模式转型

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1、Page2内容目录传统商业模式逐渐转变............................................................................................................4券商的重资产化过程.......................................................................................................4对比美国：净资产略超美国，总资产仅是其22.8%............

2、.......................................5不乏成长性，但杠杆仍偏低...........................................................................................7业务趋势：市场化转型提速....................................................................................................9经纪业务：客户价值再挖掘，关注成本优势.

3、..............................................................9自营业务：IFRS9下盈利波动性增大..........................................................................11投行业务：再融资、债券承销有望回升.....................................................................12资管业务：主动管理是未来大方向.................

4、............................................................13资本中介业务：两融随市场波动，股票质押回购持续增长.....................................14龙头效应显现...........................................................................................................................15监管资源倾向优质券商..........

5、.......................................................................................15行业集中度有望提升.....................................................................................................16关注边际改善下的投资机会................................................................

6、..................................18预测2018年为盈利拐点..............................................................................................18板块风险收益比提升.....................................................................................................18国信证券投资评级.............

7、......................................................................................................21分析师承诺...............................................................................................................................21风险提示...................................

8、.............................................................