非银行金融行业周报：收益凭证办法落地，关注业绩披露期超预期可能

Investment Rating - The report maintains an investment rating of "Leading the Market" for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [12]. Core Insights - The report highlights the significant growth in the performance of several securities firms due to improved liquidity in the secondary market and rising asset prices, with notable profit increases of 203.85% for Hongta Securities and 63.10% for Shichuang Securities [13]. - The introduction of the "Securities Company Income Certificate Issuance Management Measures" is expected to standardize the issuance of income certificates, enhancing the ability of higher-rated securities firms to expand their balance sheets and meet investor asset allocation needs [12][26]. Summary by Sections 1. Investment Recommendations - The report emphasizes the clear positioning of income certificates and the implementation of classified management to control risks. The new regulations will limit the balance of income certificates based on the previous year's classification results, with A/B/C class balances not exceeding 60%/50%/40% of the company's net capital [12][26]. 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%. The total A-share trading volume reached 9.55 trillion yuan, with an average daily trading amount of 1.91 trillion yuan, reflecting a 14.49% increase [18][14]. 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 equity. The margin trading balance was 1.66 trillion yuan, up 3.30% from the previous period [22]. - In September 2024, new fund issuance reached 870.88 billion shares, a 65.69% increase, with equity funds accounting for 251.50 billion shares, marking a 375.07% rise [23]. - The bond market saw the total price index increase by 2.67% since the beginning of the year, with the 10-year government bond yield at 2.15%, down 40.62 basis points [23]. 4. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission approved the registration of log futures and options, aiming to ensure their smooth launch and operation [26]. - The new management measures for income certificates are expected to fill a regulatory gap and promote the proper use of debt financing tools by securities firms [12][26]. 5. Key Announcements from Listed Companies - Several securities firms reported their third-quarter results, with Shichuang Securities achieving a revenue of 1.853 billion yuan, a year-on-year increase of 42.81%, and a net profit growth of 63.10% [27].