投资银行业与经纪业2024年8月财富管理业务月报：资金回流权益，政策利好券商基本面改善

Investment Rating - The report rates the investment banking and brokerage industry as "Overweight" [2] Core Viewpoints - In August 2024, the return of funds to equity markets and favorable policies have improved the fundamentals of brokerages [4] - The report highlights a significant increase in newly issued equity products, indicating a shift in investor preference towards equities over fixed income [5] - The report recommends increasing holdings in leading brokerages with merger expectations, specifically mentioning China Galaxy and CITIC Securities [80][81] Summary by Sections 1. Equity Allocation Exceeds Fixed Income, Significant Increase in Newly Issued Equity Products - As of August 2024, the total market public fund share decreased by 344.98 billion units, a 1.15% decrease quarter-on-quarter, with equity funds increasing by 27.11 billion units, a 0.43% increase [8][9] - The newly issued equity funds totaled 10.473 billion units, a 19.19% increase quarter-on-quarter [8] - Private fund allocation remained stable, with a slight decrease of 0.24% quarter-on-quarter [13] 2. Funds Flow Back to Equity Markets, Slight Improvement in Resident Risk Appetite - The bond market experienced fluctuations, leading to a rebound in micro-cap stocks and a slight improvement in residents' risk appetite [22] - The ten-year government bond yield slightly rebounded to 2.17% as of August 2024 [22] 3. Insurance Products Show Competitive Advantage, Incremental Funds Flow into Equity ETFs - In August 2024, equity and bond products yielded negative returns, while insurance products with a 3.0% guaranteed interest rate showed significant advantages [25] - The report notes that the competitive edge of insurance products has increased due to upcoming rate cuts, leading to a concentration in the sale of 3.0% interest rate products [29] 4. Investment Recommendations: Policy Support Improves Brokerage Fundamentals - The report suggests increasing holdings in leading brokerages with merger expectations, citing the implementation of new commission regulations that have reduced the enthusiasm for traditional sales models [80][81] - The report emphasizes that the series of incremental policies since September 24 have accelerated liquidity easing, benefiting brokerage and proprietary trading businesses [81]