Guosen Securities(SZ:002736) Guoxin Securities·2025-10-24 06:57Group 1: Financial Industry Insights - The financial industry is closely linked to the real economy, emphasizing the importance of financial support for economic development during the "14th Five-Year Plan" period[3] - The "14th Five-Year Plan" aims for significant achievements in high-quality development, technological self-reliance, and improved living standards by 2035[4] - The financial sector is expected to play a crucial role in achieving the goals set for the "14th Five-Year Plan" by providing necessary support to the real economy[5] Group 2: Technological Finance - Technological finance is highlighted as a key area for supporting the construction of a modern industrial system and achieving high-level technological self-reliance[6] - As of June 2025, the balance of loans to high-tech enterprises reached 18.78 trillion yuan, with a year-on-year growth of 8.2%, outpacing overall loan growth by 1.4 percentage points[7] - The demand for financing in the technology sector is expected to increase, benefiting banks through both credit demand and equity investment opportunities[7] Group 3: Investment Rating - The investment rating for the banking sector is maintained at "Outperform the Market," indicating an expected performance exceeding the market index by over 10% within the next 6 to 12 months[12] - The report emphasizes the importance of financial services in supporting the modernization of industries and technological advancements, which are critical for future growth[6]