两项货币政策工具落地，支持资本市场决心超预期

Investment Rating - The report maintains an investment rating of "Leading the Market" for the non-bank financial sector, indicating an expected outperformance of over 10% relative to the benchmark index [5][21]. Core Insights - The commitment to support the capital market by the government has exceeded expectations, with the introduction of two monetary policy tools aimed at enhancing market liquidity [5][16]. - The implementation of these policies is expected to improve the risk appetite in the market, with securities companies being the primary beneficiaries [5][16]. Summary by Sections 1. Investment Recommendations - Two capital market support tools have been officially launched, including a swap facility (SFISF) and a stock repurchase loan, with the first phase of the stock repurchase loan set at 300 billion yuan and an interest rate of 1.75% [5][16]. - The first batch of applications for the swap facility has exceeded 200 billion yuan, indicating strong initial interest from securities and fund companies [5][16]. 2. Market Review - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.36%, the CSI 300 by 0.98%, and the ChiNext Index by 4.49% [6][8]. - The non-bank financial sector index saw a rise of 2.49%, ranking 13th among 31 primary sectors [6][8]. 3. Key Industry Data Tracking - The average daily trading volume in the A-share market was 1.67 trillion yuan, a decrease of 34.57% week-on-week [8][9]. - As of October 18, the margin trading balance was 1.61 trillion yuan, reflecting a week-on-week increase of 1.96% [9]. 4. Regulatory Policies and Industry Dynamics - A joint meeting was held by the central bank, the financial regulatory authority, and the securities commission to ensure the effective implementation of new financial policies aimed at supporting the capital market [16][17]. - The central bank has initiated operations for the swap facility, allowing securities, fund, and insurance companies to engage in swap transactions with a one-year term [16][17]. 5. Key Announcements from Listed Companies - Southwest Securities' controlling shareholder plans to acquire shares through a block trade, while Hengsheng Electronics intends to transfer a stake in its subsidiary for 62.6 million yuan [18]. - Nanhua Futures reported a revenue of 4.461 billion yuan for the first three quarters, a year-on-year decrease of 7.99%, but with a net profit increase of 20.07% [18].