非银行金融行业研究三大交易所对再融资规则优化，25年险资股票+基金+长股投增长近2万亿

Investment Rating - The industry investment rating is positive, with recommendations to buy or hold based on expected performance exceeding market averages [49]. Core Insights - The report highlights the introduction of a package of refinancing optimization measures by the Shanghai, Shenzhen, and Beijing stock exchanges aimed at improving market efficiency and supporting technology innovation companies [38]. - It emphasizes the importance of quality companies and technology firms in attracting liquidity and enhancing capital market structure, aligning with a healthy market trend [2][38]. - The report suggests focusing on three main investment lines: undervalued quality brokerages, companies benefiting from technology sector listings, and firms with strong performance in diversified finance [3]. Summary by Sections Market Review - The A-share market showed a slight increase with the CSI 300 index up by 0.4%, while the non-bank financial sector underperformed, declining by 1.6% [11]. Data Tracking - Brokerage firms reported a decrease in average daily trading volume to 21,111 billion yuan, down 12.3% week-on-week [19]. - The report notes significant growth in new equity fund issuance, with a total of 812 million shares issued in January 2026, up 186.9% year-on-year [19]. - The total asset management scale for public non-monetary funds reached 22.2 trillion yuan, with a slight decrease of 1.9% from the previous month [19]. Industry Dynamics - The report discusses the refinancing measures aimed at supporting quality listed companies and enhancing the efficiency of the refinancing process [38]. - It also mentions the ongoing trend of insurance funds increasing their stakes in various companies, with a total of 52 companies being targeted for increased holdings in 2024 [33].