非银金融2024年9月政治局会议点评-会议释放积极信号，券商有望基本面估值双升

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 [7]. Core Insights - The Politburo meeting on September 26, 2024, released a series of targeted economic policies aimed at improving market liquidity, which is expected to benefit brokerages and lead to a dual increase in their fundamentals and valuations [2][3]. - The meeting emphasized the need for fiscal and monetary policy adjustments, including increasing government spending, issuing long-term special bonds, and lowering the reserve requirement ratio, which will enhance market liquidity [2]. - The focus on the capital market includes measures to attract long-term funds, support mergers and acquisitions of listed companies, and protect the rights of small investors, which will contribute to the overall stability and attractiveness of the stock market [2][3]. Summary by Sections Economic Policy Measures - The Politburo proposed to enhance counter-cyclical adjustments in fiscal and monetary policies, ensuring necessary government spending and optimizing the real estate market to stabilize it [2]. - Specific measures include promoting the use of long-term special bonds and local government bonds, as well as adjusting housing purchase policies to respond to public concerns [2]. Capital Market Focus - The meeting highlighted the importance of boosting the capital market, with expectations for policies to facilitate the entry of long-term funds and support for mergers and acquisitions [2][3]. - The anticipated policies are expected to accelerate the entry of social security, insurance, and wealth management funds into the market, providing a stable funding source for the stock market [2]. Investment Recommendations - Brokerages are expected to benefit directly from improved market liquidity, with a focus on "Internet + brokerage" stocks, particularly recommending attention to Dongfang Caifu [3]. - Mergers and acquisitions remain a key investment theme for the brokerage sector, with a recommendation to monitor the progress of announced acquisition plans by brokerages like CICC and China Galaxy [3].