证券行业点评：顶层会议关注市场改革，稳中求进是关键

Investment Rating - The report maintains a "Recommended" rating for the securities industry, indicating an expected performance that exceeds the benchmark index by more than 10% [6]. Core Insights - The central economic work conference emphasizes the importance of capital market reform and aims for a stable growth trajectory in 2025, focusing on enhancing domestic demand and integrating technological and industrial innovation [3][4]. - The report highlights that the capital market will be a key area for reform, with a focus on improving both investment and financing aspects, and enhancing the inclusiveness and adaptability of capital market systems [3][4]. - The report suggests that the securities sector is expected to benefit from a relatively loose liquidity environment, ongoing capital market improvements, and the restoration of investor confidence [10]. Summary by Sections Economic Work Conference - The conference recognized the achievements of 2024 and outlined key tasks for 2025, emphasizing the need for proactive macroeconomic policies and the stabilization of the real estate and stock markets [3]. - It also highlighted the importance of addressing risks in key areas and ensuring a solid foundation for the "15th Five-Year Plan" [3]. Capital Market Reform - The conference identified capital market reform as a priority, focusing on comprehensive reforms in investment and financing, and the need to facilitate long-term capital inflows [4]. - The report indicates that the China Securities Regulatory Commission (CSRC) will focus on maintaining market stability and enhancing regulatory effectiveness [4]. Investment Recommendations - The report expresses optimism about the securities sector, particularly for leading brokerage firms, those likely to enhance competitiveness through mergers and acquisitions, and firms excelling in digital transformation [10].