互换便利操作正式启动，市场流动性有望进一步增强

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The launch of the swap convenience operation is expected to enhance market liquidity [6] - The People's Bank of China and the China Securities Regulatory Commission issued a notice on October 18, 2024, clarifying the business processes and operational details for the swap convenience operation [3][6] - The initial application quota for the swap convenience operation has exceeded 200 billion yuan, with a total operation quota of 500 billion yuan planned for the first phase [6] Summary by Relevant Sections - Regulatory Clarity: The notice provides clear guidelines for participating institutions, including swap terms, rates, and the rights and obligations of both parties involved [6] - Operational Details: - Swap term: 1 year, with the possibility of early termination and extension upon application approval - Swap rate: Determined through a single price (Dutch-style) bidding process - Collateral range: Includes bonds, stocks, ETFs, and components of the CSI 300 index, with a maximum collateral rate of 90% [6] - Market Impact: The new regulations are expected to provide significant convenience for brokerages, potentially leading to increased allocation of equity assets and improved market liquidity [6] - Investment Outlook: Since September 2024, a series of policies have been introduced to boost investor confidence, and the active trading volume in the A-share market has rebounded quickly [6] - Valuation Perspective: The brokerage industry is currently at a historical low in terms of PB valuation, with a recommendation to focus on high-leverage, undervalued state-owned enterprises such as Huatai Securities and CITIC Securities [6]