SFISF工具正式落地，综合施策助力经济回升非银金融

Investment Rating - The investment rating for the non-bank financial sector is "Positive" [2] Core Insights - The SFISF tool has officially launched, enhancing liquidity and investment capacity in the securities industry, with an initial operation scale of 500 billion yuan [2][4] - The merger and restructuring plan between Guotai Junan and Haitong Securities has been announced, reflecting strong market interest in M&A activities within the sector [2][5] - A series of fiscal policies aimed at supporting the real economy are expected to boost market confidence and stabilize economic growth [2][5] Summary by Sections Securities Business Overview - The total trading volume in the Shanghai and Shenzhen markets reached 8,340.40 million shares, with a turnover of 101,067.71 billion yuan, showing a week-on-week increase of 25.11% [11] - The cumulative IPO underwriting scale for the year is 45.541 billion yuan, while the refinancing underwriting scale is 119.484 billion yuan [11] - The margin trading balance as of October 11, 2024, is 1,588.41 billion yuan, up 10.29% from the previous week [11] Insurance Business Overview - The health insurance premium income for the first eight months of the year reached 742.2 billion yuan, with a year-on-year growth of 8.9%, an increase of 3.9 percentage points compared to the same period last year [7] - The upper limit for the guaranteed interest rate of participating insurance products has been lowered to 2.0%, which is expected to attract more investment in these products [7] - The insurance sector is anticipated to benefit from increased consumer demand for health and participating insurance products due to rising awareness and income levels [7] Market Liquidity Tracking - The central bank's net withdrawal in the open market for the week was 13,482 billion yuan, with reverse repos of 3,469 billion yuan and maturing amounts of 16,951 billion yuan [25] - Short-term funding rates have increased, with the weighted average interbank lending rate at 1.79% [29] - The one-year government bond yield decreased by 8 basis points to 1.431%, while the ten-year yield fell by 11 basis points to 2.14% [29]