非银金融行业国新会后配套政策密集出台点评：“提振资本市场”射出第二支箭

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [3][10]. Core Viewpoints - The report highlights that the recent monetary policy adjustments, including a 50 basis points reduction in the reserve requirement ratio and a 20 basis points cut in the 7-day reverse repo rate, are expected to stimulate the brokerage sector [3]. - The report emphasizes that the brokerage sector is closely linked to the capital market, and with the improvement in macroeconomic conditions, brokerages are likely to lead the market recovery [3]. - The introduction of supportive policies, such as the "New National Nine Articles," aims to enhance the long-term development of the securities industry, fostering confidence in the market [3]. - The report suggests that the current liquidity environment is conducive to the recovery of equity trading volumes and the expansion of margin financing [3]. Summary by Sections Monetary Policy Impact - The report notes that the recent cuts in reserve requirements and interest rates are the most significant since July 2021, which could lay a solid foundation for a market turnaround [3]. - Historical data indicates that similar monetary easing measures in the past have led to substantial gains in the brokerage sector, with an excess return of 67.5% compared to the CSI 300 index during the last bull market [3][4]. Policy Developments - The "New National Nine Articles" outlines a roadmap for the securities industry, aiming to cultivate around 10 high-quality leading institutions within five years and 2-3 globally competitive investment banks by 2035 [3]. - The report highlights the importance of market confidence, driven by recent policy announcements, which are expected to cover all business lines of brokerages and stimulate trading activity [3]. Investment Recommendations - The report recommends focusing on leading brokerage firms that will benefit from capital market reforms, such as CITIC Securities, China Galaxy, Huatai Securities, and CICC [3]. - It also suggests monitoring brokerage firms involved in mergers and acquisitions, such as Guotai Junan, Haitong Securities, and Zheshang Securities, as potential investment opportunities [3]. - Additionally, the report advises paying attention to financial information service companies like Eastmoney and Tonghuashun, which may benefit from increased market activity [3].