非银金融行业深度：2024陆家嘴论坛要点深度解读-拥抱新质生产力，推动金融高质量发展

Investment Rating - The report assigns an "Overweight" rating to the non-banking financial sector [6] Core Insights - The 2024 Lujiazui Forum emphasized the theme of "promoting world economic growth through high-quality financial development," aligning with recent regulatory guidance focused on strong supervision and risk prevention in capital markets [14] - The report highlights the ongoing optimization of the capital market system, which aims to embrace new productive forces and enhance the quality of development [16] Capital Market - The establishment of a "1+N" regulatory framework under the new "National Nine Articles" is underway, focusing on enhancing the quality of capital markets through stringent supervision and support for high-quality development [16] - There is a push to enrich the capital market toolbox and improve service coverage and precision to better support new productive forces [17] - The introduction of the "Eight Measures for the Sci-Tech Innovation Board" aims to enhance the inclusiveness of the system for new industries and technologies [21] Credit Market - The report notes a shift away from total credit volume targets, emphasizing the need to improve the efficiency of financial resource allocation and enhance the transmission mechanism of monetary policy [29] - It projects that new RMB loans for the year will be approximately 19.15 trillion yuan, with a year-on-year growth rate of 8.54% [39] - The report indicates that loan interest rates are expected to remain stable with a slight decline, supporting the effectiveness of the real economy [29] Interest and Exchange Rate Market - The report discusses the balancing act of monetary policy, which aims to stabilize the exchange rate while supporting economic growth and managing interest rate spreads [48] - It highlights that the central bank will continue to implement supportive monetary policies while being cautious about rapid declines in long-term interest rates [48] Insurance Market - The report emphasizes the construction of a multi-level social security system and the shift from risk management to risk reduction services in the insurance sector [8] - It notes that insurance funds are increasingly aligned with the characteristics of new productive forces, providing precise and efficient services [8] Financial Opening - The report outlines efforts to enhance the internationalization of China's financial markets and support the development of Shanghai as an international financial center [8] - It emphasizes the need for a favorable environment to attract foreign financial institutions and long-term capital [8]