万联证券：资本市场改革持续推进 证券行业基本面长期向好

Group 1 - The core viewpoint of the report emphasizes the ongoing reform in the capital market and the positive long-term outlook for the securities industry, suggesting that top-tier brokerages with strong investment banking and brokerage capabilities should be closely monitored [1] Group 2 - The multi-level market system is becoming more inclusive and comprehensive, benefiting investment banking operations. The chairman mentioned that the first batch of newly registered companies will be listed on the Sci-Tech Innovation Board, and reforms for the Growth Enterprise Market will be implemented to better align with the characteristics of emerging industries [2] - The IPO pace has shown signs of marginal recovery, with 78 IPOs and a fundraising scale of 77.3 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 13% and 61% respectively. Additionally, the fundraising from refinancing reached 818.9 billion yuan, a 424% increase year-on-year, marking a near five-year high [2] Group 3 - Measures to enhance the quality of listed companies and investor returns were highlighted, including promoting industry consolidation and improving corporate governance. The new guidelines for protecting small and medium investors are expected to enhance the attractiveness of the equity market [3] - The total market value of various long-term funds holding A-shares was approximately 21.4 trillion yuan as of the end of August 2025, indicating that long-term investments can help cultivate market resilience [3] - The optimization of the Qualified Foreign Institutional Investor system is expected to attract more incremental capital by improving access management and expanding investment scope [3]