央经济工作会议首提股市，个人养老金产品扩容

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the non-bank financial industry [2]. Core Insights - The Central Economic Work Conference emphasizes the need for a stable and progressive work guideline for 2025, focusing on high-quality development, deepening reforms, and expanding domestic demand. It highlights the importance of stabilizing the real estate and stock markets, which is expected to enhance market liquidity [12][31]. - The expansion of personal pension products is noted, with over 6 trillion yuan in various pension assets managed by public funds, which is anticipated to provide liquidity to the market and benefit securities companies [14][33]. Summary by Sections 1. Investment Recommendations - The report outlines the Central Economic Work Conference's focus on stabilizing the stock market and enhancing market liquidity through active fiscal and monetary policies [12][31]. 2. Market Review - Last week, major indices experienced declines, with the Shanghai Composite Index down 0.36%, the CSI 300 down 1.01%, and the ChiNext Index down 1.40%. The A-share trading volume reached 9.66 trillion yuan, with an average daily turnover of 1.93 trillion yuan, reflecting a week-on-week increase of 12.08% [15][19]. 3. Key Industry Data Tracking - The report tracks significant data, including a total margin balance of 1.88 trillion yuan, a market pledge of 3,268.70 million shares (4.06% of total shares), and a bond market index increase of 4.91% year-to-date [24][19]. 4. Regulatory Policies and Industry Dynamics - The report discusses the Central Economic Work Conference's directives on expanding domestic demand, promoting technological innovation, and ensuring market stability. It also mentions the implementation of personal pension systems and the need for effective market regulation [31][33]. 5. Key Announcements from Listed Companies - Notable announcements include the application for a foreign exchange derivatives trading limit by Yiatong and the performance report from CITIC Securities, highlighting significant growth in various financial service areas [35].