非银行金融行业周报：中介服务新规发布，头部券商业绩预增

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry is expected to benefit from the recent regulatory changes and policy enhancements, which aim to stabilize the stock market and improve the quality of listed companies [4][9]. - Major securities firms have reported positive earnings forecasts for 2024, indicating a potential growth trajectory driven by increased trading activity in the equity and bond markets [5][10]. - The report highlights a significant increase in A-share trading volume, with a total turnover of 6 trillion yuan and an average daily turnover of 1.2 trillion yuan, reflecting a 5.14% week-on-week growth [11][12]. Summary by Sections Investment Recommendations - The report emphasizes the importance of the "1+N" policy framework in enhancing the performance of the capital market and the role of intermediary institutions [9]. - It suggests that investors should continue to monitor the investment value of the sector as the effects of policy implementation become more apparent [10]. Market Review - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 2.31% and the ChiNext Index increasing by 4.66% [11]. - The non-bank financial index saw a growth of 3.32%, ranking 18th among 31 primary industry indices [11]. Key Industry Data Tracking 1) Market Performance and Scale: - The report notes a significant increase in trading activity, with the A-share market achieving a turnover of 6 trillion yuan [12]. 2) Credit Business: - As of January 17, the market had 3,213.14 billion shares pledged, accounting for 3.98% of the total share capital, with a margin balance of 1.82 trillion yuan [15]. 3) Fund Issuance: - In December 2024, new fund issuance reached 1,495.14 billion units, with a notable decline in equity fund issuance [15]. 4) Investment Banking: - The report indicates that the equity underwriting scale in December 2024 was 452.36 billion yuan, with IPOs contributing 93.05 billion yuan [15]. 5) Bond Market: - The 10-year government bond yield was reported at 1.66%, reflecting a year-to-date increase of 5.16 basis points [15]. Regulatory Policies and Industry Dynamics - The report discusses the recent regulatory meetings and the emphasis on risk prevention and high-quality development in the capital market [18]. - It highlights the introduction of new regulations governing intermediary service fees, which aim to standardize practices and enhance transparency [19]. Key Announcements from Listed Companies - Major securities firms such as CITIC Securities and招商证券 have released earnings forecasts indicating significant year-on-year growth in net profits for 2024 [20][21].