非银金融行业：部署投融资综合改革，引领中长期资金入市

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The Central Economic Work Conference has set the policy framework for the coming year, emphasizing a more proactive fiscal policy and moderately loose monetary policy, which is expected to stabilize market expectations and boost domestic demand [1][2] - Continuous deepening of capital market investment and financing reforms is highlighted, with a focus on enhancing the role and function of the capital market, aiming to facilitate the entry of long-term funds [2] - The report suggests that the policy shift will create opportunities for growth in the capital market, particularly benefiting the brokerage sector and the asset side of insurance companies [2] Summary by Sections Policy Framework - The Central Economic Work Conference emphasized the need for timely and effective policy implementation to stabilize the economy and enhance market confidence [1] - The focus is on early and concrete actions to ensure sufficient policy strength in response to external pressures [1] Capital Market Reforms - The report notes that the capital market is expected to play a crucial role in stabilizing economic expectations and boosting domestic demand [2] - Reforms are anticipated to ease restrictions on IPOs and refinancing, with a gradual increase in the number of IPOs expected in 2024 [2] - There is a strong push to channel long-term funds from social security, insurance, and wealth management into the capital market [2] Investment Recommendations - The report recommends focusing on brokerage firms and insurance companies, as the policy changes are likely to enhance their profitability and valuation recovery [2] - Specific stocks to watch include Dongfang Caifu, Tonghuashun, Huatai Securities, CITIC Securities, Guotai Junan, Zhongjin Company, China Galaxy, and招商证券 [2] - For insurance companies, attention is drawn to China Pacific Insurance, New China Life, China Taiping, China Life, Ping An, and China Property Insurance, as the equity market recovery is expected to benefit their asset side [2]