政策持续发力，关注改善预期下的投资价值

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the non-bank financial sector [1][5][21]. Core Insights - The initiation of the first swap facility aims to enhance liquidity in the financial system, allowing qualified securities, fund, and insurance companies to exchange high-quality liquid assets with the People's Bank of China, with an initial operation scale of 500 billion yuan [1][5][16]. - The report highlights the investment value in the sector under the backdrop of positive fiscal policies, noting that the securities sector has shown resilience with a PB ratio of 1.48, placing it in the 50.50 percentile over the past five years [1][5][6]. - The report emphasizes the potential benefits for brokerage firms from upcoming fiscal measures, including the issuance of special government bonds and capital support for major banks, which are expected to improve liquidity and boost market sentiment [1][5][17]. Summary by Sections 1. Investment Recommendations - The first swap facility has been launched, supporting qualified financial institutions to exchange assets for high-grade liquid assets, with an initial scale of 500 billion yuan [1][5]. - The report suggests focusing on the investment value of the sector due to positive fiscal policies, with the securities III index showing a decline of only 0.73% compared to broader market indices [1][5]. 2. Market Review - Major indices experienced declines, with the Shanghai Composite Index down 3.56% and the CSI 300 down 3.25% during the week [6][8]. - The report notes significant individual stock movements, with notable gains in Citic Securities and Haitong Securities, which rose over 20% following merger announcements [6][7]. 3. Key Industry Data Tracking - The report tracks market performance, noting a total A-share trading volume of 10.20 trillion yuan, with a daily average of 2.55 trillion yuan, reflecting a decrease of 2.38% week-on-week [8][9]. - As of October 11, the margin trading balance stood at 1.58 trillion yuan, an increase of 9.72% from the previous period [9][12]. 4. Regulatory Policies and Industry Dynamics - The People's Bank of China has initiated the first swap facility to enhance market stability and liquidity, aligning with broader economic policies aimed at supporting financial markets [16][17]. - The report discusses the government's commitment to implementing a series of policies to stimulate economic growth and stabilize the real estate market [17][18]. 5. Key Announcements from Listed Companies - The merger proposal between Guotai Junan and Haitong Securities has been announced, with specific share exchange ratios provided [18]. - Red Tower Securities has projected a significant increase in net profit for the first three quarters of 2024, indicating strong performance expectations [18].