KAIYUAN SECURITIES·2025-03-16 11:31Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the expansion of market hotspots towards cyclical industries such as large consumption and finance, highlighting opportunities in the non-bank financial sector. The market's trading activity remains high, and with low investment returns as a baseline, it is expected that brokerage firms will see significant year-on-year growth in Q1 performance. The report maintains a positive outlook on brokerage and fintech sectors, while the insurance sector shows stable liabilities and potential for equity beta catalysts [5][11]. Summary by Sections 1. Capital Market Support for Technological Innovation - The central bank's recent meeting emphasized the implementation of a moderately loose monetary policy, with potential interest rate cuts. Following this, the non-bank financial sector saw a notable increase of 3.97% on March 14. The report suggests that the brokerage sector is likely to experience high growth in Q1 due to increased trading volumes and a favorable investment environment [5][11]. 2. Market Review - During the trading days from March 10 to March 14, the non-bank sector outperformed the CSI 300 index, with a gain of 3.15%. Notably, brokerage firms and insurance companies increased by 2.86% and 4.29%, respectively. Key stocks such as New China Life and China Pacific Insurance saw significant increases of 11.2% and 5.7% [16][17]. 3. Data Tracking - The average daily trading volume for stock-based funds was 1.92 trillion yuan, a decrease of 3% week-on-week but an increase of 65% year-on-year. The report also notes a significant increase in the issuance of public funds, with 167 new stock and mixed funds issued in 2025, totaling 883 billion yuan, which is a 111% year-on-year increase [20][21]. 4. Industry and Company News - The report highlights the upcoming public fund reform plan, which is expected to introduce significant new regulations affecting the 32 trillion yuan public fund market. Key changes include a shift towards long-term performance assessments for fund managers and adjustments to fee structures [31]. Additionally, the report mentions the release of regulatory guidelines for the bankruptcy restructuring of listed companies [32]. 5. Recommended and Beneficiary Stocks - The report recommends stocks such as Hong Kong Exchanges, Dongfang Securities, and China Life Insurance, while also identifying beneficiary stocks including Nine Point Investment Holdings and China Galaxy Securities [14].