非银金融：924资本市场政策解读：新设货币工具直达市场主体，政策力度超预期

Investment Rating - The report maintains an "Increase" rating for the industry [2] Core Insights - The recent capital market policies introduced by the government are stronger than expected, with the central bank establishing two new monetary policy tools to provide direct financing support to market participants [4][8] - The policies aim to enhance the funding capabilities of non-bank financial institutions and support stock repurchases and increases by listed companies and major shareholders [5][15] Summary by Sections 1. Structural Monetary Policy Tool: Securities, Fund, and Insurance Company Swap Convenience - The central bank has introduced a swap convenience tool allowing eligible securities, fund, and insurance companies to exchange their assets for high liquidity assets from the central bank, enhancing their funding and stock purchasing capabilities [8][10] - The initial scale of this tool is set at 500 billion, with potential for expansion based on market conditions [9][10] - The funds obtained through this tool are designated solely for stock market investments [10] 2. Stock Repurchase and Increase Special Re-loan - The central bank has created a special re-loan to encourage banks to provide loans to listed companies and major shareholders for stock repurchases and increases [13][15] - The initial scale of this re-loan is 300 billion, with the possibility of future increases [13][15] - The re-loan interest rate is set at 1.75%, with banks charging an additional 0.5 percentage points to clients, resulting in a total of 2.25% [13][15] 3. Long-term Capital Market Entry and Mergers & Acquisitions Policies - The report outlines measures to promote long-term capital entry into the market, including the establishment of guidelines for long-term investments and support for insurance institutions to set up private equity funds [16][18] - It emphasizes the need for simplified review processes for mergers and acquisitions to encourage corporate restructuring and resource allocation [20][21] - The report also highlights the importance of improving the quality and investment value of listed companies through various measures, including encouraging stock buybacks and enhancing corporate governance [22][23] 4. Investment Recommendations - The report expresses a positive outlook on the non-bank financial sector, noting its undervaluation and low allocation, alongside ongoing mergers and acquisitions among brokerages [23] - Specific brokerages to watch include Guotai Junan, Haitong, and Zhongjin, among others [23]