非银金融行业点评报告：两融杠杆上限调降对券商影响有限，看好板块行情

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The report indicates a positive outlook for the non-bank financial sector, highlighting a favorable economic environment and a balanced investment strategy [4][8] - The adjustment of the financing margin ratio by the China Securities Regulatory Commission is expected to have limited impact on existing financing businesses, as the current leverage levels in credit accounts are not at their maximum [5][6] - The report anticipates continued growth in the brokerage sector's return on equity (ROE), driven by factors such as the migration of household deposits and the reconstruction of stock market mechanisms [8] Summary by Sections Industry Overview - The non-bank financial sector is experiencing a recovery, with a projected increase in investment opportunities [4] - The financing scale in the market is currently at 2.67 trillion, representing 2.58% of the market's circulating value, which is below historical highs, indicating room for growth [7] Regulatory Changes - The recent increase in the financing margin ratio to 100% is limited to new financing contracts, with existing contracts remaining unaffected [5] - The regulatory environment is signaling a counter-cyclical adjustment, which is expected to stabilize the financing business [6] Performance Expectations - The brokerage sector's net income from margin trading is estimated to contribute approximately 10% to overall brokerage revenue in 2025 [7] - There is a notable expectation gap regarding the sustainability of brokerage performance and the impact of funding pressures, suggesting potential for growth in the sector [8]