监管持续细化业务办法，关注极端事件冲击下波动

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][10]. Core Viewpoints - The report highlights the increasing uncertainty in the financial market due to the "gray rhino" impact from U.S. tariffs, leading to a global asset value reassessment and heightened market volatility. However, China's monetary policy tools, such as reserve requirement ratio cuts and interest rate reductions, have sufficient room for adjustment, and fiscal policy aims to increase spending intensity and speed, which is expected to support market stability [3][10]. - Regulatory measures are being refined, particularly regarding the management of securities investment fund custody, which includes enhancing entry thresholds, strengthening operational compliance, and ensuring risk isolation. This regulatory approach aims to optimize the custody industry ecosystem and protect investor interests [4][10][29]. Summary by Sections 1. Investment Suggestions - The report discusses the impact of U.S. tariffs on the financial market, indicating that while there is potential for market disturbances, the first quarter's new fund issuance and equity financing have improved year-on-year, providing a solid foundation for industry performance [10]. 2. Market Review - During the week of March 31 to April 6, major indices experienced declines, with the Shanghai Composite Index down 0.28%, the CSI 300 down 1.37%, and the ChiNext Index down 2.95%. The non-bank financial index fell by 1.31%, ranking 23rd among 31 sectors [11][12]. 3. Key Industry Data Tracking - The report notes that the average daily trading volume in A-shares was 1.14 trillion yuan, a decrease of 9.84% week-on-week. The margin trading balance was 1.90 trillion yuan, down 1.01% [11][15]. 4. Regulatory Policies and Industry Dynamics - The report outlines the recent revisions to the Securities Investment Fund Custody Business Management Measures, emphasizing the need for compliance and risk management in the custody sector. It also mentions the importance of supporting the development of the private economy and enhancing the capital market's inclusivity and adaptability [29]. 5. Key Announcements from Listed Companies - Dongxing Securities reported a revenue of 9.37 billion yuan and a net profit of 1.544 billion yuan for 2024, reflecting year-on-year increases of 97.89% and 88.39%, respectively [30].