证券行业重大事项点评：培育壮大“耐心资本”的纲领性文件落地

Industry Investment Rating - The report maintains a "Recommend" rating for the securities industry, indicating an expected outperformance of the industry index by more than 5% relative to the benchmark index over the next 3-6 months [2][12] Core Views - The report highlights the release of the "Guidelines on Promoting Medium and Long-Term Capital Entry into the Market" by the Central Financial Office and the China Securities Regulatory Commission (CSRC) on September 26, which provides important guidance for six types of long-term capital entering the market [2][3] - Key measures include attracting capital through strategic investment mechanisms, reducing short-term performance evaluations that inhibit long-term investments, improving investment policy systems, supporting autonomy and differentiation in enterprise annuity investments, and encouraging active participation from bank wealth management and trust funds [3] - The policy guidance is expected to rapidly repair risk appetite and significantly alleviate previous liquidity pressures, with a focus on recommending securities firms and insurance companies [3] Investment Recommendations - The report recommends a focus on securities firms and insurance companies, with securities firms showing clear signs of bottoming out in fundamentals and insurance companies expected to see improved performance in the second half of the year [3] - The recommended structure is: securities firms (fast) + insurance (stable) + banks (long-term) [3] - Specific stock recommendations include: "Jin Yin Tai Xin" (CICC, Galaxy, Huatai, CITIC) + "Dong Nan Shun" (East Money, Guide, Tonghuashun) for securities firms, and "Hua Ping Tai Shou" (New China Life, Ping An, CPIC, China Life) + Hong Kong-listed China P&C and ZhongAn Online for insurance companies [3] Industry Analysis - The securities industry is entering an era of consolidation, with valuations rebounding but still at a historical percentile of 14% [3] - Insurance companies are expected to benefit from strong beta attributes on the asset side, with potential for improved performance in the second half of the year and less resistance to allocation [3]