中泰证券【中泰研究丨晨会聚焦】非银蒋峤：政策专题丨二十届三中全会金融政策分析与展望：政策基调延续

Group 1: Financial Policy Analysis - The financial policy discussions in the 20th Central Committee's Third Plenary Session align with expectations, continuing previous policies and maintaining consistency with the "National Nine Articles" [14] - The overall aim is to deepen reforms to better serve the real economy while continuing to emphasize risk prevention and strong regulation to promote stability and healthy development in the financial market [14] - A new financial law is being formulated to strengthen regulatory responsibilities and accountability, enhancing coordination between central and local authorities to solidify the financial stability framework against systemic risks [14] Group 2: Capital Market Insights - The capital market statements are largely consistent with the "National Nine Articles," indicating a commitment to effective governance in the capital market [14] - The analysis of the series of policies following the "National Nine Articles" highlights a focus on implementing measures that encourage early investment in hard technology and enhance investor protection [14] - The report suggests that the brokerage sector's profits are declining, but there are opportunities for performance recovery as the market stabilizes and through industry mergers and acquisitions [14] Group 3: ABS Market Overview - In the context of narrowing market spreads, ABS (Asset-Backed Securities) still presents investment opportunities, with current spreads remaining relatively high compared to other securities [15] - The issuance of ABS has been declining since 2021, with a notable concentration of issuance at the end of each quarter, particularly in the third and fourth quarters [15] - The report indicates that the majority of ABS issuers are financial entities, with a complex structure for enterprise ABS issuers, and highlights the importance of understanding the repayment methods and issuance characteristics of ABS [15] Group 4: Investment Recommendations - The ABS market is deemed to have investment value due to its variety and relative resilience compared to higher-yielding non-public municipal and industrial bonds [15] - Strategies for investment include focusing on underlying assets, considering the differences between senior and subordinated tranches, and ensuring liquidity while pursuing yield [15] - The report emphasizes the importance of monitoring default rates, recovery rates, and early repayment rates in the ABS market to assess potential risks [15]