5 月份权益、债券市场表现回暖。上证综指单月+4.89%，沪深300 单月+4.06%，证券（申万）板块单月+11.56%，跑赢沪深300 指数7.5 个百分点。中债总全价指数单月+0.38%。板块内个股涨多跌少，涨幅排名前三的为中金公司（+24.17%）、兴业证券（+22.00%）、东方证券（+20.54%）。截至6 月3 日，申万证券板块PB 估值为1.75 倍，位于近十年以来估值区间的40.22%分位点。

1.市场表现 ....................................................................................................................................................................... 5

2.主要板块概况 ............................................................................................................................................................... 7

2.1 经纪业务 ............................................................................................................................................................ 7

2.2 投行业务 ............................................................................................................................................................ 7

2.3 资管业务 ............................................................................................................................................................ 8

2.4 信用业务 ............................................................................................................................................................ 9

2.5 自营业务 ............................................................................................................................................................ 9

3.投资建议 ..................................................................................................................................................................... 10

4.风险提示 ..................................................................................................................................................................... 11