资本市场投融资改革再深化，券商基本面向好

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [3][4]. Core Insights - The report emphasizes the deepening of capital market financing reforms, highlighting the importance of protecting small and medium investors and enhancing the quality of listed companies. This is expected to contribute to the high-quality development of the financial industry [4][7]. - The fundamentals of brokerage firms are improving, with opportunities for growth through both external and internal development, particularly in exploring overseas business increments [4][7]. Market Performance - During the period from October 27 to October 31, major indices showed mixed performance: the Shanghai Composite Index rose by 0.11%, the CSI 300 fell by 0.43%, and the ChiNext Index increased by 0.50%. The average daily trading volume in A-shares was 2.32 trillion yuan, a 29.38% increase compared to the previous period [5][8][9]. - As of October 31, the margin trading balance was 2.49 trillion yuan, reflecting a 1.19% increase [14][16]. Industry Data Tracking 1) Market Performance and Scale: The report notes the mixed performance of major indices and a significant increase in A-share trading volume [9][10]. 2) Credit Business: As of October 31, the market had 2,972.57 million shares pledged, accounting for 3.63% of the total share capital [14][16]. 3) Fund Issuance: In September 2025, new fund issuance reached 115.88 billion shares, with a 13.58% increase in the number of funds issued [14][16]. 4) Investment Banking: In September 2025, the equity underwriting scale was 43.685 billion yuan, with IPO amounts at 11.69 billion yuan and refinancing amounts at 31.995 billion yuan [14][16]. 5) Bond Market: The total price index of bonds fell by 1.66% since the beginning of the year, with the 10-year government bond yield at 1.80%, up by 18.77 basis points [14][16]. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) is seeking public opinion on guidelines for performance benchmarks for publicly offered securities investment funds, aiming to enhance investor protection and fund management standards [22][24]. - The CSRC, People's Bank of China, and State Administration of Foreign Exchange are working to streamline the qualification approval process for qualified foreign institutional investors, which is expected to reduce operational costs and improve investment convenience [24]. - The Financial Regulatory Bureau is proposing to strengthen the regulation of asset management trust businesses, focusing on risk management and investor protection [24].