资本市场法制化再推进，关注行业并购及业绩催化

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance exceeding the benchmark index by more than 10% [2][4]. Core Insights - The report emphasizes the ongoing deepening of capital market standardization and legalization, highlighting regulatory efforts to combat securities violations and enhance investor protection [3][9]. - Continuous mergers and acquisitions within the industry are noted, with significant activity in the restructuring of securities firms, which is expected to enhance overall competitiveness and performance in 2024 [4][10]. - The report suggests a positive outlook for the industry, driven by improved market conditions, increased trading activity, and favorable regulatory changes [4][10]. Summary by Sections Investment Recommendations - The report advocates for active monitoring of the sector due to the ongoing capital market reforms and the positive performance of listed securities firms, with 12 out of 13 firms reporting revenue growth [4][10]. Market Review - Major indices showed varying degrees of increase, with the Shanghai Composite Index rising by 0.97%, and the ChiNext Index increasing by 2.99%. The average daily trading volume reached 1.91 trillion yuan, reflecting a 9.39% increase [11][12]. Key Industry Data Tracking 1) Market Performance and Scale: The report notes a significant increase in trading volume and market activity, with a total trading amount of 9.57 trillion yuan last week [12][13]. 2) Credit Business: As of February 21, the market had 3,194.37 million shares pledged, accounting for 3.95% of total equity, with a margin balance of 1.89 trillion yuan [15][17]. 3) Fund Issuance: In January 2025, new fund issuance totaled 832.64 billion units, with a notable decrease in the number of funds issued [15][16]. 4) Investment Banking: The report highlights a total equity underwriting scale of 905.50 billion yuan in January 2025, with IPOs contributing 71.31 billion yuan [15][16]. 5) Bond Market: The report indicates a decline in the total price index of bonds and an increase in the yield of 10-year government bonds [15][20]. Regulatory Policies and Industry Dynamics - The report discusses the regulatory framework aimed at enhancing market integrity, including measures to combat market manipulation and improve investor rights [20][21]. Key Announcements from Listed Companies - Notable announcements include performance reports from various securities firms, with significant revenue and profit growth reported by companies like Shouchao Securities [21].