证券基金行业周度跟踪：国君、海通推进速度超预期，财政政策再发力

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The brokerage sector is expected to have upward momentum supported by performance elasticity, with a significant increase in trading volume and market activity [3][21] - The merger between Guotai Junan and Haitong Securities is progressing faster than expected, indicating strong execution capabilities [4][16] - Recent fiscal policies are aimed at enhancing liquidity in the capital markets, which is likely to benefit the brokerage sector [4][19] Summary by Sections 1. Key Data Tracking - Market performance showed a decline after a significant rise, with the CSI 300 index down by 3.25% during the week of October 8-11 [6] - A-share trading activity surged, with a daily average trading volume of 25,495 billion CNY, a 93.1% increase from the previous week [9] - The number and scale of newly issued public funds were relatively small, with only 6.6 million shares issued during the week [14] 2. Recent Hot Events - The merger proposal between Guotai Junan and Haitong Securities was announced on October 9, with a share exchange ratio of 1:0.62 [16][17] - The People's Bank of China introduced a new monetary policy tool to support capital markets, with an initial operation scale of 500 billion CNY [18] - Fiscal policies are being strengthened to support economic development, including measures to alleviate local government debt risks [20] 3. Investment Recommendations - The brokerage sector is expected to benefit from improved performance elasticity, with a notable increase in trading volumes and market conditions [21] - Recommended stocks include Guotai Junan, Haitong Securities, CITIC Securities, and China Galaxy, among others, which are expected to benefit from industry consolidation and improved risk management [21]