Changjiang Securities·2025-05-11 11:42Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [8] Core Insights - The report highlights that due to a decline in global asset risk appetite, the overall valuation of the sector has adjusted, leading to a significant improvement in the cost-effectiveness of investments. The strong performance of brokerage firms in the first quarter further enhances their investment value. The recent "comprehensive financial policy to stabilize the market and expectations" introduced by the State Council is expected to support the performance and valuation of the non-bank financial industry, suggesting an active allocation in May [2][5] Summary by Sections Market Performance - The non-bank financial index increased by 1.7% this week, with a year-to-date decline of 8.0%, ranking 30 out of 31 sectors. The overall performance of the non-bank sector remains weak [6][19] Key Industry News - The State Council's press conference discussed a "comprehensive financial policy to stabilize the market and expectations," with the central bank and regulatory bodies announcing various supportive measures [7][59] - The central bank and the CSRC jointly released announcements to support the issuance of technology innovation bonds [7][60] - The CSRC issued an action plan to promote the high-quality development of public funds [7][64] Brokerage Performance - The average daily trading volume in the two markets reached 13,534.26 billion yuan, up 22.69% week-on-week, indicating a recovery in market activity [40] - The margin financing balance increased to 1.81 trillion yuan, reflecting a 0.36% week-on-week rise [47] Investment Business - The equity market showed signs of recovery, with the CSI 300 index rising by 2.00% and the ChiNext index by 3.27% [44] - The report notes that the proportion of equity investments in brokerage firms is approximately 10%-30%, while bond investments account for 70%-90% [44] Financing Activities - In April, equity financing decreased to 23.575 billion yuan, down 58.5% month-on-month, while bond financing totaled 784 billion yuan, down 9.8% [50][51] - The report anticipates an increase in stock underwriting scale due to the promotion of refinancing regulations and registration systems [51] Asset Management - The issuance of collective asset management products by brokerages fell to 2.322 billion shares in April, down 8.6% month-on-month [53] - The new fund issuance in April was 58.09 billion shares, down 40.4% from the previous month [53]