非银行金融行业：两会释放积极政策信号，非银板块有望直接受益

Investment Rating - The industry investment rating is "Positive" for the non-bank financial sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [24]. Core Insights - The recent Central Political Bureau and Economic Work Conference highlighted that 2024 is a crucial year for achieving the goals of the "14th Five-Year Plan," with an emphasis on stable economic operation and quality development [2][3]. - The meetings underscored the importance of stabilizing the real estate and stock markets to enhance consumer confidence and stimulate investment, which is expected to lead to a more active capital market [2][3]. - The report anticipates that proactive fiscal policies and moderately loose monetary policies will significantly benefit the domestic economic environment and capital market, fostering a positive cycle between the financial system and the real economy [3][4]. Summary by Sections Economic Outlook - The political meetings indicated a steady and progressive economic outlook for 2024, with a focus on deepening reforms and expanding high-level opening-up [2]. - Emphasis was placed on stabilizing key sectors such as real estate and stock markets to maintain household wealth and stimulate market vitality [2]. Policy Measures - The report suggests that increased fiscal spending and a flexible monetary policy will be crucial in stabilizing market expectations and enhancing consumption and investment enthusiasm [3]. - Specific measures include issuing long-term special government bonds and optimizing fiscal expenditure structures to ensure effective use of funds [3]. Sectoral Impact - The non-bank financial sector, particularly the securities and insurance industries, is expected to benefit from the improved market environment, leading to enhanced performance and valuation recovery [4][8]. - The report highlights the potential for increased investment value in leading firms within the securities and insurance sectors, driven by ongoing reforms and business innovations [8].