证券Ⅱ行业点评研究：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 official 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 clarifying the business processes and operational elements for the swap convenience operation [3][6] - The first batch of application quotas has exceeded 200 billion yuan, indicating strong initial interest from market participants [3][6] Summary by Relevant Sections - Investment Suggestions: The report maintains an "Outperform the market" rating, reflecting confidence in the sector's potential for growth following regulatory support [6] - Market Dynamics: The notice outlines specific operational details, including a one-year swap term, a maximum swap amount of 500 billion yuan for the first operation, and a pledge rate not exceeding 90% [6] - Regulatory Impact: The new guidelines are expected to provide significant operational flexibility for brokerages, potentially leading to increased equity asset allocation and improved market liquidity [6] - Market Outlook: Since September 2024, there has been a notable increase in trading activity in the A-share market, suggesting a positive trend that could benefit brokerage firms [6] - Valuation Perspective: The brokerage sector's price-to-book (PB) valuation remains at historical lows, with a focus on recommending major state-owned brokerages like Huatai Securities and CITIC Securities [6]