并购重组进展快速，跨境理财通正式落地

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% [3][41]. Core Insights - The report highlights significant progress in mergers and acquisitions within the securities industry, with recent approvals from the China Securities Regulatory Commission (CSRC) for Zheshang Securities to become the major shareholder of Guodu Securities, and Guoxin Securities' acquisition of Wanhe Securities for a total price of 5.192 billion yuan [1][16]. - The launch of the "Cross-Border Wealth Management Connect" initiative is noted, allowing mutual investments between mainland and Hong Kong/Macau investors, which is expected to enhance client engagement and expand the international business of securities firms [2][18]. - The report emphasizes the improvement in market liquidity and risk appetite, leading to a steady recovery of various business segments within securities firms, alongside a growing demand for top-tier investment banks [5][18]. Summary by Sections 1. Investment Recommendations - The report discusses the rapid progress in industry mergers and acquisitions, including the approval of Zheshang Securities as the major shareholder of Guodu Securities and Guoxin Securities' acquisition of 96.08% of Wanhe Securities for 5.192 billion yuan [1][16]. 2. Market Review - The report notes that major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 2.33%, the CSI 300 by 1.44%, and the ChiNext Index by 1.94% during the week [19][23]. 3. Key Industry Data Tracking - The report provides data on market performance, indicating that the total A-share trading volume reached 8.62 trillion yuan, with an average daily trading amount of 1.72 trillion yuan, reflecting a week-on-week increase of 13.23% [23][27]. - It also mentions that as of December 6, the margin financing balance was 1.86 trillion yuan, with a slight week-on-week increase of 1.08% [27]. 4. Regulatory Policies and Industry Dynamics - The report outlines the introduction of the "Securities Company Consolidated Management Guidelines (Trial)" aimed at enhancing group risk management capabilities within securities firms [17][37]. - It also highlights the implementation of the "Insurance + Futures" business rules by the China Futures Association, which aims to standardize hedging transactions and reduce risk exposure [34].