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Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [2]. Core Viewpoints - The introduction of the "Management Measures for the Issuance of Income Certificates by Securities Companies" by the China Securities Association on October 25 clarifies the positioning of income certificates as debt financing tools for securities companies, emphasizing risk control through classified management [8][18]. - The report highlights the potential for significant earnings growth among securities firms due to improved liquidity in the secondary market and rising asset prices, with notable increases in net profits for companies like Hongta Securities and Shichuang Securities [9][19]. Summary by Sections 1. Investment Recommendations - The report emphasizes the importance of the newly implemented income certificate management measures, which are expected to enhance the operational capabilities of higher-rated securities firms and meet investor asset allocation needs [8]. 2. Market Review - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.17%, the CSI 300 by 0.79%, and the ChiNext Index by 2.00% during the week [12]. - The A-share trading volume reached 9.55 trillion yuan, with an average daily turnover of 1.91 trillion yuan, reflecting a week-on-week increase of 14.49% [12]. 3. Key Industry Data Tracking - As of October 25, the market's pledged shares totaled 3,346.73 million shares, accounting for 4.17% of the total share capital, while the margin trading balance stood at 1.66 trillion yuan, up 3.30% from the previous period [15]. - In September 2024, new fund issuance reached 870.88 billion shares, marking a 65.69% increase, with equity funds accounting for 251.50 billion shares, a staggering 375.07% increase [15]. 4. Regulatory Policies and Industry Dynamics - The report notes the approval of original wood futures and options by the China Securities Regulatory Commission, which aims to ensure a smooth launch and stable operation of these financial instruments [18]. - The income certificate issuance management measures are expected to fill a regulatory gap and standardize the use of debt financing tools in the industry [18]. 5. Key Announcements from Listed Companies - Notable earnings reports include: - Ruida Futures: Revenue of 1.669 billion yuan, up 104.66% year-on-year [18]. - Guoyuan Securities: Revenue of 5.055 billion yuan, up 2.46% year-on-year [18]. - Dongfang Fortune: Revenue of 7.304 billion yuan, down 13.96% year-on-year [18].