Investment Rating - The report assigns an "Overweight" rating for the industry, maintaining the same rating as the previous report [4]. Core Insights - The report highlights the issuance of the "Guiding Opinions on Promoting Long-term Funds to Enter the Market" by the Central Financial Office and the China Securities Regulatory Commission on September 26, which aims to encourage institutional funds to participate actively in the capital market, thereby boosting market confidence and long-term investment value [3][4]. - The policy encourages the development of equity products by public and private funds, and aims to optimize mechanisms for insurance, pension, bank wealth management, and trust funds to facilitate their participation in the capital market [3]. - The report recommends specific companies that are expected to benefit from the policy, including pure life insurance companies like China Life and New China Life, as well as financial information services and brokerage firms such as Guosheng Securities, Tonghuashun, and Huatai Securities [3]. Summary by Sections Policy Overview - The report discusses the recent policy aimed at breaking down barriers for institutional funds entering the market, which is expected to enhance the long-term investment value of the capital market [3]. Investment Recommendations - The report recommends: 1. Pure life insurance companies benefiting from asset valuation increases: China Life and New China Life [3]. 2. Financial information services and brokerage firms benefiting from increased trading activity: Guosheng Securities, Tonghuashun, China Galaxy, CICC H, and Huatai Securities [3]. Financial Projections - The report includes earnings per share (EPS) projections for recommended companies, indicating expected growth in earnings over the next few years, with specific figures provided for 2023 to 2026 [7].
投资银行业与经纪业《关于推动中长期资金入市的指导意见》的点评：政策组合拳频出，全面看多非银
Guotai Junan Securities·2024-09-27 00:53