中银证券：中银晨会聚焦-20240926

Core Viewpoints - The report highlights that recent policies introduced by the central bank and regulatory authorities are expected to boost market confidence and catalyze a beta rally in the non-bank financial sector [2][3] - The introduction of new financial instruments and policies aims to bring incremental capital into the market, which is anticipated to enhance trading activity and support the recovery of brokerage firms' fundamentals [3] Summary by Sections Market Overview - The report notes that the Shanghai Composite Index closed at 2896.31, up by 1.16%, while the Shenzhen Component Index rose by 1.21% to 8537.73 [1] - The CSI 300 Index increased by 1.48%, closing at 3401.53, indicating a positive market sentiment [1] Industry Performance - The report provides insights into the performance of various sectors, with the construction and decoration sector leading with a 3.06% increase, followed by comprehensive services at 2.60% [1] - Non-bank financials and media sectors saw increases of 2.30% and 2.08%, respectively, reflecting a recovery trend in these industries [1] Policy Impact - The report discusses the introduction of securities, fund, and insurance company swap facilities, which are designed to provide liquidity and encourage investment in the stock market [3] - A total of 500 billion yuan is allocated for the first phase of the swap facility, with potential for future expansion based on market conditions [3] - The report emphasizes that these policies are expected to improve the operating environment for brokerages and enhance their overall performance resilience [3] Long-term Outlook - The report anticipates that the introduction of long-term capital from various financial institutions will stabilize the capital market and support the growth of brokerage services [3] - It also highlights the regulatory focus on improving the quality of listed companies and encouraging mergers and acquisitions, which could lead to increased market activity and performance improvements for brokerages [3]