国新办新闻发布会政策点评：政策有望提振市场信心，催化板块beta行情

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [6]. Core Insights - The recent policy announcements from the government are expected to boost market confidence and catalyze a beta rally in the brokerage sector, particularly benefiting "Internet+" brokerages [2]. - The introduction of new financial support policies is anticipated to bring in incremental capital to the market, enhancing trading activity and improving the fundamentals of brokerages [2]. - The establishment of swap convenience tools is expected to expand the funding sources for brokerages' proprietary trading [2]. - Long-term improvements in the business environment for brokerages are expected due to the introduction of patient capital and enhanced regulatory support for mergers and acquisitions [2]. Summary by Sections Market Dynamics - The capital market policies are designed to introduce incremental funds, including the creation of securities, fund, and insurance company swap convenience tools, which will directly inject capital into the stock market [2]. - The first phase of the swap convenience operation is set at 500 billion yuan, with potential for future expansion [2]. Long-term Outlook - The introduction of long-term capital from various financial institutions is expected to enhance market stability and support the growth of brokerage services [2]. - Regulatory measures aimed at improving the quality of listed companies and encouraging share buybacks are expected to enhance investor sentiment [2]. - The M&A market is anticipated to become more active, with simplified approval processes for eligible companies, potentially leading to increased brokerage activity in this area [2]. Investment Recommendations - The report suggests that the current valuation of the brokerage sector has significant upside potential, driven by policy expectations and accelerated M&A processes [3]. - Specific brokerages such as Dongfang Caifu, Zhongjin Company, and China Galaxy are highlighted as potential beneficiaries of these trends [3].