证券业基本面梳理之二十：中长期资金入市的券商视角，打开OCI账户配置空间

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the regulatory push for long-term funds to enter the market, with specific measures aimed at increasing the proportion of insurance funds and public funds invested in the stock market [5][6] - The marginal allocation space for bonds is narrowing, leading to a shift towards equity investments as a viable option for brokers [6][12] - The use of OCI accounts to allocate high-dividend assets is becoming a strategy for brokers to manage profit volatility while increasing equity investments [9][12] Summary by Sections Regulatory Environment - On January 22, 2025, the Central Financial Office and six departments issued a plan to promote long-term funds entering the market, encouraging insurance funds to invest 30% of new premiums in the stock market annually and increasing the proportion of equity funds [5][6] Market Dynamics - The report notes that the 10-year government bond yield has dropped to 1.70% as of February 18, 2025, indicating a low platform for long-term interest rates, which constrains the capital gains potential for bond investments [6][12] - Brokers are facing limitations on the growth of bond assets due to risk control indicators, making equity investments a more attractive option [6][8] Investment Strategies - Brokers are increasingly using OCI accounts to invest in high-dividend assets, which helps mitigate profit volatility from equity investments. As of mid-2024, the fair value of stock assets in OCI accounts for participating brokers ranges from 3.8% to 17.5% of their net assets [9][14][15] - The report estimates that the potential allocation space for equity assets could reach 0.24 trillion to 1.20 trillion yuan, depending on various assumptions about asset allocation [16][17] Financial Metrics - The report provides metrics indicating that the average yield spread for short-term financing is approximately 3.07%, while for long-term financing, it is about 3.17%, suggesting favorable conditions for brokers to invest in high-dividend assets [12][16]