证监会拟推出商业不动产REITs试点，广东发布金融支持产业链整合兼并方案

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The China Securities Regulatory Commission (CSRC) plans to launch a pilot program for Commercial Real Estate Investment Trusts (REITs), which aims to provide an exit channel for real estate companies and alleviate financial pressure, thereby helping to prevent systemic risks in the industry [3][14][6] - Guangdong Province has issued a financial support plan for industry chain integration and mergers, encouraging financial institutions to develop combined financial products and support equity investments, which is expected to enhance the long-term funding structure of the A-share market [7][15] Market Performance - The average daily trading volume of A-shares for the week was 17,369 billion, a decrease of 6.9% week-on-week but an increase of 10.1% year-on-year [16] - The non-bank financial Shenwan index rose by 0.68%, underperforming the CSI 300 index by 0.96 percentage points, ranking 25th among all primary industries [2][13] - The securities sector increased by 0.74%, while the insurance sector rose by 0.20%, and the internet finance sector saw a growth of 2.95% [2][13] Key Company Analysis - The report includes a detailed earnings forecast and valuation for key companies in the non-bank financial sector, with several companies rated as "Buy" or "Hold" based on their projected performance [9][38]