非银行金融行业9月政治局会议及关于长期资金入市新政的点评：隧道尽头见曙光，应更从容

Investment Rating - The industry rating is "Outperform the Market" [2] Core Viewpoints - The report emphasizes the importance of long-term capital entering the market, aiming to enhance the quality of listed companies and improve investor confidence [2][3] - The recent political bureau meeting highlighted the need to boost the capital market and stabilize the real estate market, indicating a proactive approach to economic challenges [5] - The introduction of new policies to facilitate long-term investments is expected to optimize the investor structure and enhance market stability [3][4] Summary by Relevant Sections Industry Dynamics - The report discusses the unprecedented measures taken by major financial institutions to support high-quality economic development, with a focus on enhancing policy effectiveness and addressing economic challenges in Q4 [2] - It notes that the recent guidance on promoting long-term capital market participation aims to resolve issues related to social security, insurance, and wealth management funds entering the market [2][3] Policy Recommendations - The report outlines specific measures to encourage long-term investments, including improving the regulatory framework for institutional investors and enhancing the governance of listed companies [6][8] - It suggests the establishment of a three-year assessment mechanism for long-term funds, allowing differentiated investment strategies for pension funds and insurance capital [6][8] Market Outlook - The report expresses a positive outlook for the capital market, driven by anticipated policy changes and improvements in domestic economic conditions [3] - It highlights the potential for mergers and acquisitions in the brokerage sector, which could serve as a catalyst for market stability and growth [3][4]