中国银河证券：2026政府报告政策信号积极 非银板块长期价值突显

Core Viewpoint - The government work report emphasizes high-quality development, risk resolution, reform and opening up, and social welfare, providing clear development paths for non-bank financial institutions, which is expected to strengthen the operational foundation of industries such as brokerage and insurance [1] Group 1: Capital Market and Securities Industry - The report highlights the continuous deepening of capital market reforms, which will directly benefit the securities industry through improved mechanisms for long-term capital entry and investor protection [1] - A new policy financial tool worth 800 billion yuan is expected to stimulate social capital and expand brokerage services such as bond underwriting and asset management [1] Group 2: Insurance Industry - The insurance sector is set to benefit from dual dividends of "protection + investment," with improvements in social insurance systems driving demand for commercial pension and health insurance [2] - Regulatory guidance is expected to enhance the long-term attributes of insurance funds, allowing for better asset allocation and optimization during periods of declining interest rates [2] Group 3: Financial Support for New Industries - The report emphasizes increased policy support for technology finance, aiming to create a comprehensive financial service system for technology enterprises throughout their lifecycle [3] - Green finance initiatives include the establishment of a national low-carbon transition fund and the expansion of green bond offerings, which will attract long-term capital into low-carbon sectors [3] Group 4: Risk Management and Asset Quality - The report outlines a coordinated approach to resolving risks in real estate and local government debt, which is expected to improve the credit environment for non-bank financial institutions [4] - Strengthening financial regulation and risk management will accelerate the industry’s competitive landscape, favoring institutions with strong capital and risk control capabilities [4]