投资银行业与经纪业行业：业绩改善是大方向，静待积极变化

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [9] Core Insights - The average daily trading volume since the beginning of 2025 has increased by 72.5% year-on-year, with financing balances up by 27.6%. The Wind All A-Share Index has risen by 7.6%. Despite high performance growth expected in Q1 for the non-bank sector due to a low base, stock prices have lagged behind the broader market and other sectors. The report suggests focusing on undervalued high-performing stocks while waiting for performance rebounds or positive policy changes [6][2] - Financial supply-side reforms are accelerating, particularly in the brokerage sector. Historical trends indicate that license integration typically aims to manage risks, improve equity structures, or enhance profitability. Given the current operational environment and company performance, short-term participation in thematic investment trends is recommended [6] Summary by Sections Market Performance - The non-bank financial index has shown a 1.2% increase this week, with a relative underperformance of -0.1% compared to the CSI 300, ranking 17th out of 31 sectors. Year-to-date, the non-bank financial index has decreased by 3.9%, underperforming the CSI 300 by 4.1%, ranking 26th out of 31 [7] - The market has seen a slight recovery in trading activity, with an average daily trading volume of 17,009.27 billion, down 14.59% week-on-week. The average turnover rate is 2.12%, down 40.89 basis points [7] Key Industry News & Company Announcements - The State Council issued guidelines on enhancing financial services, focusing on supporting major national strategies and improving financial market infrastructure [8][61] - The China Securities Regulatory Commission announced the expansion of pilot programs for financial asset investment companies, allowing for broader participation from qualified banks and insurance funds [8][61] - Company announcements include the approval of asset purchase and fundraising transactions by Guolian Minsheng and the merger of Guotai Junan with Haitong Securities [8][62] Individual Company Recommendations - Recommended stocks include New China Life Insurance, China Life Insurance, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, and Tonghuashun. For M&A themes, China Silver River is recommended, while China Pacific Insurance and Jiangsu Jinzhong are suggested for stable dividend strategies [6]