《促进资本市场指数化投资高质量发展行动方案》点评：吸引中长期资金入市，推动指数化投资高质量发展

Investment Rating - The industry investment rating is "Positive" (看好) indicating that the industry is expected to outperform the overall market [4][15]. Core Insights - The report highlights the release of the "Action Plan for Promoting High-Quality Development of Index Investment in Capital Markets" by the China Securities Regulatory Commission, aimed at enhancing the scale and proportion of index investment [4][5]. - The plan includes four main objectives: enriching the index fund product system, optimizing the index investment ecosystem, strengthening regulation and risk prevention, and providing more convenient channels for long-term capital to enter the market [4][5]. - The report anticipates significant growth in index investment, with the number of non-money market ETFs in the Shanghai and Shenzhen markets increasing to 1,006, and total assets reaching 3.56 trillion yuan, a 93% increase from the previous year [7][6]. Summary by Sections Section 1: Action Plan Overview - The "Action Plan" aims to promote high-quality development of index investment through specific measures, including the development of more high-quality strategy ETFs and thematic investment ETFs [4][5]. - It emphasizes lowering investment costs by continuing to waive annual fees for ETF listings and reducing other associated costs [5]. Section 2: Market Dynamics - As of the end of 2024, the number of ETF accounts in the Shanghai market reached nearly 10 million, with institutional investors holding approximately 2 trillion yuan, a growth of over 100% since the beginning of 2024 [6]. - The report predicts that the attractiveness of index investment will further increase with the implementation of the "Action Plan" [7]. Section 3: Investment Recommendations - The report suggests that brokerage firms with strong public asset management capabilities are likely to benefit from the acceleration of index investment development [8]. - Specific brokerage firms recommended for investment include Dongfang Securities and Huatai Securities for their performance elasticity, and CITIC Securities and GF Securities for benefiting from the influx of long-term capital [8].