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《关于深入推进深圳综合改革试点深化改革创新扩大开放：政策协同赋能，头部机构优势强化
Guotai Junan Securities·2025-06-12 07:02

Investment Rating - The report assigns an "Overweight" rating for the financial industry [1] Core Insights - The report discusses the implications of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" which aims to enhance financial services for the real economy in the Greater Bay Area through a combination of regional pilot programs, financial deregulation, and mechanism innovation [2][4] - Leading brokerage firms with strong cross-border service capabilities and insurance companies actively investing in the Greater Bay Area are expected to benefit significantly from these reforms [2][4] Summary by Sections Policy Initiatives - The report outlines several key measures to support financial empowerment in the Greater Bay Area, including: 1. Establishing incentive mechanisms for financial services to the real economy 2. Developing a framework for credit and securities related to technology enterprises 3. Promoting green finance reforms 4. Allowing companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [4] Opportunities for Brokerage Firms - The policy allows for the return of companies listed in Hong Kong to the Shenzhen Stock Exchange, creating structural opportunities for brokerage firms in underwriting and advisory services [4] - Leading brokerages can leverage resources from both Hong Kong and Shenzhen to offer integrated services for IPOs and secondary listings [4] Benefits for Insurance Companies - The report highlights that insurance companies with a focus on the Greater Bay Area and venture capital investments are likely to see significant benefits [4] - Insurance funds, due to their long-term and stable nature, can invest in technology and venture capital funds, thus improving their investment returns [4] Recommended Companies - The report recommends several companies for investment, including: - CITIC Securities A - CICC H - Ping An A - New China Life A - Hong Kong Exchanges and Clearing [4][5]