非银金融行业简评：规范中介机构行为，提升展业积极性

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [8]. Core Insights - The report highlights the implementation of a dynamic adjustment mechanism for the scheduled interest rate, which is anticipated to boost the valuation of the sector through performance forecast disclosures [3]. - The expansion of SFISF is seen as an opportunity to capitalize on the sector after recent corrections [3]. - The report emphasizes the importance of regulatory measures aimed at enhancing the quality of listed companies and protecting investors' rights, which is expected to promote healthy and stable development of the capital market [6]. Summary by Sections Regulatory Changes - The report discusses the new regulations issued by the State Council on January 15, which aim to standardize the services provided by intermediary institutions for public stock offerings, thereby improving the quality of listed companies and protecting investors [6]. - It outlines three main aspects of the regulations: 1. Brokers are now required to charge fees based on the progress of their work rather than the outcome of IPOs, which is expected to enhance their engagement and focus on quality [4]. 2. The prohibition of increasing fee percentages based on issuance scale aims to prevent brokers from prioritizing high-fee projects over quality, thus improving overall project sustainability [4]. 3. Local governments are restricted from rewarding issuers or intermediaries based on IPO outcomes, which is intended to foster a healthier competitive environment and maintain the integrity of the capital market [4]. Market Outlook - The report indicates that the tightening of regulations has led to a slowdown in IPO and refinancing activities, with a significant increase in the number of terminated review projects from 286 in 2023 to 436 in 2024 [6]. - It suggests that the ongoing reforms in the capital market, including the introduction of new monetary policy tools, are gradually guiding long-term funds into the market, which will require a matching increase in high-quality enterprises [7]. - The report recommends focusing on mergers and acquisitions, high "financial inclusion rates," and improvements in return on equity (ROE) as key investment themes, particularly in large, financially robust brokerage firms [7].