非银行金融行业：监管大力推动长期资金入市，资本市场生态有望持续优化

Investment Rating - The industry investment rating is "positive" with expectations of outperforming the benchmark index by more than 5% in the next six months [19]. Core Insights - The regulatory push for long-term capital to enter the market is expected to optimize the capital market ecosystem continuously [1][4]. - The implementation plan includes five key points aimed at enhancing the investment environment for various funds, including commercial insurance and pension funds [2][3]. - The plan aims to bind the interests of institutional investors and retail investors, thereby reducing costs associated with capital market investments [4]. Summary by Sections Regulatory Developments - Multiple departments have expressed a strong commitment to facilitating the entry of long-term funds into the market, with specific measures outlined in the implementation plan [2][3]. - The plan includes mechanisms for assessing the performance of various funds over long periods, such as three to five years for commercial insurance and pension funds [2]. Market Expectations - The expectation is that the capital market will see increased participation from institutional investors, which will enhance market stability and investor confidence [4]. - The plan is anticipated to stimulate domestic investment and improve the overall market environment, benefiting both the securities and insurance sectors [4][9]. Industry Performance Metrics - The non-bank financial industry has a market capitalization of approximately 67,113.46 billion, with a circulating market value of about 53,009.98 billion [4]. - The average price-to-earnings ratio for the industry stands at 14.01, indicating a relatively favorable valuation compared to historical standards [4].