非银行金融行业周报：资本市场助力提振消费，券商财富管理优势凸显-20250319

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Viewpoints - The capital market is expected to boost consumption, highlighting the advantages of brokerage wealth management. The government aims to broaden channels for property income and stabilize the stock market through various measures [2][9]. - The report emphasizes the importance of nurturing patient and long-term capital in the market, particularly for state-owned enterprises, and aims to enhance market fairness by addressing financial fraud and illegal share reductions [3][9]. Summary by Sections Investment Recommendations - The report suggests expanding property income channels and enhancing the capital market's role. It outlines government initiatives to stabilize the stock market and improve the management of state-owned enterprises' market value [9][10]. Market Review - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.39% and the CSI 300 by 1.59%. The total A-share trading volume reached 8.28 trillion yuan, with an average daily turnover of 1.66 trillion yuan, a decrease of 2.66% week-on-week [4][11]. Key Industry Data Tracking 1) Market Performance and Scale: The report notes the increase in major indices and provides trading volume statistics [11][12]. 2) Credit Business: As of March 14, the market had 3,178.58 billion shares pledged, accounting for 3.93% of total equity, with a margin balance of 1.93 trillion yuan, up 0.98% [14][15]. 3) Fund Issuance: In February 2025, new fund issuance reached 657.86 billion units, with stock funds accounting for 45.99% of the total [14][17]. 4) Investment Banking: The report mentions an equity underwriting scale of 64.77 billion yuan in February 2025 [14]. 5) Bond Market: The report indicates a decline of 1.59% in the total price index of bonds since the beginning of the year, with a 10-year government bond yield of 1.83%, up 22.40 basis points [14][19]. Regulatory Policies and Industry Dynamics - The report discusses the China Securities Regulatory Commission's (CSRC) focus on risk prevention, regulatory strengthening, and high-quality development in the capital market. It also highlights new guidelines for the bankruptcy reorganization of listed companies [19][20]. Key Announcements from Listed Companies - Notable announcements include the name change of Guotai Junan to Guotai Haitong Securities and the approval of stock issuance by Tianfeng Securities [20].