业绩披露季，关注部分超预期可能

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [1][21]. Core Insights - The report emphasizes the importance of building a capital market that coordinates investment and financing, enhancing internal stability, and promoting healthy and stable development of the capital market. It highlights the need for strong regulation and risk prevention measures [1][16]. - There is a focus on the potential for some securities companies to report better-than-expected performance in their semi-annual reports, with 5 out of 13 listed brokerages showing positive growth despite an overall decline in performance [1][6]. Summary by Sections 1. Investment Recommendations - The report suggests that the capital market should enhance its internal stability and support long-term capital investment. It also notes that the performance of securities companies is significantly influenced by their investment activities, particularly in the bond market, which remains strong [1][6]. 2. Market Review - During the week of July 15-21, 2024, the Shanghai Composite Index rose by 0.37%, the CSI 300 increased by 1.92%, and the ChiNext Index grew by 2.49%. The non-bank financial index saw a rise of 2.56%, ranking 4th among 31 first-level industries [7][9]. 3. Key Industry Data Tracking - The report tracks significant market metrics, noting that the total A-share trading volume was 3.30 trillion yuan, with a daily average of 0.66 trillion yuan, reflecting a 5% decrease week-on-week. The margin trading balance was 1.44 trillion yuan, down 1.33% [9][10]. 4. Regulatory Policies and Industry Dynamics - The report discusses the outcomes of the 20th Central Committee's third plenary session, which aims to enhance the capital market's functions and stability. It emphasizes the need for improved regulatory frameworks and investor protection mechanisms [16][17]. 5. Key Announcements from Listed Companies - Several companies reported their financial results, including Xiangcai Securities, which achieved a revenue of 667 million yuan and a net profit of 149 million yuan in the first half of the year [18].