Yong Xing Zheng Quan·2025-03-11 08:38Investment Rating - The industry investment rating is "Maintain Buy" [8] Core Viewpoints - The government work report during the Two Sessions first mentioned "stabilizing the stock market," reflecting a strong commitment to boosting the capital market. Compared to previous years, the content related to the capital market has significantly increased, indicating the government's determination to enhance the capital market's role in economic development [4][14]. - Focus on the follow-up policies that catalyze the entry of medium- and long-term funds into the market, including the scale of two monetary policy tools and related institutional optimizations, as well as the revision of long-term fund assessment policies [5][15]. Data Tracking - In February, A-share new accounts reached 2.84 million, surpassing the previous 11 months [49]. - The average daily trading volume of A-shares was 1.7 trillion yuan, down 14.6% week-on-week [28]. - As of March 7, the A-share margin balance was 1.9059 trillion yuan, with a financing balance of 1.8941 trillion yuan, reflecting a year-to-date average margin balance increase of 19.1% [28][29]. - The public fund sector saw the establishment of 20 new equity funds this week, totaling 11.47 billion units, a decrease of 54.4% week-on-week [28]. Investment Suggestions - The market's trading activity has significantly increased, suggesting a focus on internet brokerages with high trading elasticity and beta attributes, such as Dongfang Wealth. Additionally, with the recovery of the equity market and the rise of passive investment, it is recommended to pay attention to leading brokerages with advantages in equity asset management and ETF management, such as CITIC Securities, GF Securities, and Huatai Securities [6][16].