SFISF工具正式落地，综合施策助力经济回升

Investment Rating - The investment rating for the non-bank financial sector is "Positive" [2] Core Viewpoints - The implementation of the SFISF tool is expected to enhance 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, which is anticipated to create a new industry leader and drive high-quality development in the sector [5] - A series of fiscal policies aimed at supporting economic recovery and boosting market confidence are set to be introduced, which will positively impact both the securities and insurance markets [5][6] Summary by Sections Securities Business Overview - The total trading volume in the A-share market for the week of October 7-13 was 8.34 billion shares, with a turnover of 1010.68 billion yuan, reflecting a week-on-week increase of 25.11% in average daily turnover [11] - The cumulative IPO underwriting scale for the year as of October 11, 2024, was 45.54 billion yuan, while the refinancing underwriting scale was 119.48 billion yuan [11] - The margin trading balance reached 1588.41 billion yuan, up 10.29% from the previous week, accounting for 2.04% of the A-share market capitalization [11] Insurance Business Overview - The health insurance market has seen a premium income of 742.2 billion yuan in the first eight months of the year, representing a year-on-year growth of 8.9% [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 investments into these products [7] - The insurance sector is expected to benefit from the introduction of the SFISF tool, which will enhance the ability of insurance funds to invest in the capital market [6][7] Market Liquidity Tracking - The central bank conducted a net withdrawal of 134.82 billion yuan in the open market during the week of October 7-13, with reverse repos totaling 34.69 billion yuan [25] - Short-term funding rates have increased, with the weighted average interbank lending rate rising to 1.79% [29] - The issuance of local government bonds amounted to 29.68 billion yuan, with a net injection of 25.94 billion yuan [25]