EASTMONEY(SZ:300059) Guolian Minsheng Securities·2026-01-15 06:20Investment Rating - The report maintains a "Recommended" investment rating for the non-bank financial industry [1]. Core Insights - The adjustment of the financing margin ratio from 80% to 100% is a counter-cyclical measure aimed at guiding the market towards a long-term stable growth, reducing excessive speculation risks [4]. - The increase in the financing margin is expected to limit the ability of investors to leverage their buying power, potentially reducing the scale of new financing funds entering the market in the short term, but it will contribute to the long-term health and stability of the stock market [4]. - Historical adjustments show that similar measures have had limited short-term impacts on market indices, indicating that the current adjustment may also have a muted immediate effect [4]. - As of January 13, 2026, the financing balance in A-shares was 2.67 trillion yuan, accounting for 2.58% of the A-share market capitalization, which is below the historical peak of 4.72%, suggesting that overall risk is manageable [4]. Summary by Sections Market Dynamics - The report highlights that the recent increase in financing margin is a response to a previously active market, where the margin was lowered to stimulate trading activity [4]. - The adjustment is seen as a necessary step to prevent overheating in the market and to maintain investor rights [4]. Long-term Outlook - The report suggests that the reasonable control of market leverage will enhance the stock market's risk resistance capabilities, laying a solid foundation for long-term healthy development [4]. - It emphasizes the importance of monitoring market sentiment and transaction volumes, as well as the potential for brokerage firms to benefit from a rising market [4]. Investment Recommendations - The report advises continued attention to the brokerage sector, particularly high-quality firms that can leverage their operational strengths amid regulatory reforms [4]. - It notes that the current price-to-book (PB) valuations in the brokerage industry are at historical lows, recommending specific firms such as Dongfang Caifu [4].