券商&资本市场周观察：两会召开在即，建议关注政策敏感度较高的券商板块

Investment Rating - The industry investment rating is maintained as "Increase" [7] Core Viewpoints - M&A events are beneficial for the brokerage sector, enhancing risk appetite. The stock prices of China Galaxy and CICC rose by 8.46% and 3.19% respectively due to market rumors of mergers, although both companies later clarified that no such plans were in place [3][12] - The upcoming Two Sessions are expected to bring attention to the brokerage sector, with government reports likely focusing on stabilizing the stock market and encouraging long-term capital inflows, which could reduce performance uncertainty for brokerages [4][13] - The brokerage sector may see opportunities from two catalysts: one being the potential for macro policy adjustments exceeding expectations, and the other being the positive feedback from the current structural market conditions [4][13] Data Tracking - The average daily trading volume of A-shares reached 19,916 billion yuan this week, up 4.1% week-on-week, and 18,402 billion yuan in February, up 52.6% month-on-month. Year-to-date, the average daily trading volume is 15,228 billion yuan, up 84.1% year-on-year [2][28] - As of February 28, 2025, the A-share margin trading balance was 18,982 billion yuan, with a financing balance of 18,871 billion yuan and a securities lending balance of 111 billion yuan, reflecting increases of 187.3 billion yuan and 188.1 billion yuan respectively [2][28] - 25 new equity funds were established this week, totaling 251.7 million shares, a 477% increase week-on-week [2][28] Investment Suggestions - With significant increases in market trading activity, it is recommended to focus on internet brokerages with high trading elasticity and beta attributes, such as East Money. Additionally, attention should be given to leading brokerages like CITIC Securities, GF Securities, and Huatai Securities, which have advantages in equity asset management and ETF management [5][13] - Brokerages with M&A expectations, such as China Galaxy and CICC, are also highlighted as potential investment opportunities [5][13]