非银金融：并购、长期资金入市、市值管理三管齐下，关注券商业绩改善

Investment Rating - The industry investment rating is "Outperform the Market" [3][18]. Core Insights - The report highlights that the acceleration of reforms in the trading sector is improving expectations for the securities industry [3]. - Regulatory changes are actively sought, with future reform policies expected to be promising [3]. - Continuous progress in investment reforms aims to enhance the inherent stability of the capital market [3]. - A series of policies are being implemented to fulfill the spirit of the Two Sessions, with reform measures consistently being put into practice [3]. Summary by Sections Major Events - On September 24, the State Council Information Office held a press conference where the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, elaborated on key recent work in the capital market [4][6]. - The main points discussed included increasing the entry of medium- and long-term funds into the market, stimulating the vitality of mergers and acquisitions (M&A) to support the recovery of the real economy, and promoting comprehensive management of listed companies' market value [7]. Impact on the Industry - The opening up of M&A is expected to lead to a more active period for securities firms' investment banking business, with a clearer policy direction for investment banking projects [11]. - The report anticipates that the new policies will enhance the professionalization of investment banking services and increase the importance of aligning projects with policy directions [12]. - The development of institutional business is expected to become a significant growth engine for securities firms, with a notable increase in the proportion of institutional business [12]. - The new market value management guidelines are expected to provide significant incremental business opportunities for securities firms' financial advisory services [12]. Investment Recommendations - The report suggests that the recent statements from the CSRC will have a profound impact on the long-term development of the securities industry, particularly in supporting high-quality economic development [13]. - It is recommended to pay close attention to the performance and valuation improvements of securities firms, as well as supply-side reforms in the industry [13]. - Specific companies to watch include CITIC Securities, China Galaxy Securities, CICC, Guolian Securities, and Founder Securities [13].