非银行金融行业：政府工作报告释放诸多政策利好，行业有望多维度受益

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% [19] Core Viewpoints - The government work report released on March 5, 2025, includes various favorable policies aimed at promoting the healthy development of the real estate and stock markets, as well as nurturing emerging and future industries [2][3] - The National Financial Regulatory Administration has introduced multiple policy measures to provide financial support for technology enterprises, which is crucial for their growth and innovation [3] - The report emphasizes the importance of capital market support for the development of new productive forces, indicating that the scale of related industries in the capital market is expected to continue increasing [2] Summary by Sections Government Policies - The report highlights the implementation of more proactive fiscal policies and moderately loose monetary policies to accelerate macroeconomic recovery and promote a positive capital market environment [2] - Specific policies include support for the development of emerging industries such as commercial aerospace, low-altitude economy, biomanufacturing, quantum technology, embodied intelligence, and 6G [2] Financial Support for Technology Enterprises - The National Financial Regulatory Administration's notification supports insurance funds to invest in private equity funds and bonds issued by financial asset investment companies, enhancing the funding sources for technology enterprises [3] - The relaxation of merger and acquisition loan policies for technology companies is expected to increase the overall market scale of mergers and acquisitions, benefiting investment banking and brokerage firms [3] Investment Recommendations - The report suggests that the capital market's financial intermediation function requires comprehensive participation from the securities and insurance industries, which will significantly improve the operational performance of various capital intermediaries [4] - For the securities industry, focusing on mergers, acquisitions, and financing for technology enterprises is expected to alleviate current pressures in equity financing [4] - The insurance industry is encouraged to seek high-yield assets through long-term investments in technology enterprises, which could enhance their investment returns and optimize their asset structure [4]