非银行业央国企引领专题研究：发挥央国企引领作用，助力金融强国建设

Investment Rating - The report maintains a "Recommended" rating for the non-banking industry [4] Core Insights - The report emphasizes the importance of central state-owned enterprises (SOEs) in leading the financial sector to support the construction of a financial powerhouse in China, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2][3] - It highlights the need for financial institutions to enhance their risk management frameworks to prevent systemic financial risks, ensuring the stability of the financial system [3] - The report suggests investment opportunities in specific companies such as CITIC Securities, Huatai Securities, Guotai Junan, and others, which are expected to benefit from the ongoing reforms and market developments [3] Summary by Sections 1. Returning to Fundamentals: Five Key Financial Areas - The report outlines the necessity for financial institutions to focus on five major areas to support the real economy and enhance financial services [28] - It notes that the financing for technology-oriented SMEs has significantly increased, with loans exceeding 2.5 trillion yuan and the Sci-Tech Innovation Board raising over 1 trillion yuan [35] - Central SOEs are positioned as the main force in promoting technology finance, with substantial underwriting activities in the technology sector [35] 2. Cross-Border Development: Building World-Class Financial Institutions - The report discusses the ongoing efforts to enhance the international competitiveness of Chinese financial institutions through cross-border operations [2] - It mentions that central SOEs are leading the charge in expanding their international business, particularly in Southeast Asia, the US, and Europe [70] 3. Strengthening Internal Capabilities: Preventing Systemic Financial Risks - The report stresses the importance of improving risk management systems within financial institutions to safeguard against systemic risks [3] - It highlights the need for a robust risk monitoring and assessment framework to enhance the core competitiveness of financial enterprises [3] 4. Investment Recommendations - The report recommends focusing on specific companies that are likely to benefit from the financial sector's reforms and growth opportunities, including CITIC Securities, Huatai Securities, and others [3]