国君非银|居民增配权益ETF,流动性持续改善

Investment Rating - The report suggests a positive outlook for the equity market, recommending an increase in holdings for leading brokerage firms with merger and acquisition expectations [3]. Core Insights - In September 2024, there was a significant increase in newly issued equity products, with a 164.06% month-on-month growth in newly issued equity funds, indicating a shift in resident investment preferences towards equity products [1]. - The report highlights a downward trend in interest rates, with the Federal Reserve cutting the benchmark rate by 50 basis points, which is expected to lower residents' expected returns [2]. - The report notes that the liquidity in the market has improved, leading to a slight increase in residents' risk appetite, as evidenced by the strong performance of equity products [2]. Summary by Sections Fund Market Overview - As of September 2024, the total market public fund share decreased by 315.58 billion units, with equity funds showing a slight increase of 35.205 billion units [1]. - Newly issued private equity fund sizes remained stable, with a minor decrease of 0.05% month-on-month [1]. Market Liquidity and Interest Rates - The report indicates that the 10-year government bond yield has declined to 2.15%, opening up space for lower interest rates and subsequently lowering residents' expected returns [2]. - Following the recent policy adjustments, the equity market has rebounded significantly, with major indices showing strong performance [2]. Brokerage Sector Insights - The report emphasizes that the improving market liquidity is beneficial for the brokerage sector, particularly for leading firms with merger and acquisition prospects [3]. - The introduction of innovative ETF products is seen as a tool to support residents in increasing their equity market exposure [3].