政府工作报告释放积极信号，券商多业务条线受益

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Insights - The government work report indicates a positive signal, benefiting multiple business lines of brokerages [1] - The monetary policy remains moderately loose, with the government emphasizing the use of various policy tools to maintain ample liquidity, aligning social financing scale and money supply growth with economic growth and price level expectations [2] - Continued deepening of capital market reforms is highlighted, with a focus on enhancing mechanisms for long-term capital entering the market. As of the end of 2025, various long-term funds held approximately 23 trillion yuan of A-share circulating market value, a 36% increase from the beginning of 2025 [2] - Increased support for technological innovation is noted, with measures to provide financial services throughout the lifecycle of technology enterprises, including regular implementation of green channel mechanisms for listing financing and mergers and acquisitions [3] - The report anticipates that the brokerage sector's profits in Q1 2026 will exceed expectations due to rapid growth in stock fund transaction volume and margin financing balance, driven by government signals that enhance market activity and brokerage business development [4] Summary by Sections Monetary Policy - The government aims to maintain sufficient liquidity and match social financing and money supply growth with economic growth targets [2] Capital Market Reforms - The report emphasizes the importance of long-term funds in stabilizing the capital market, with a significant increase in their holdings of A-shares [2] Support for Technological Innovation - The government is committed to enhancing financial services for technology enterprises, which is expected to boost brokerage investment banking revenues and profits from private equity subsidiaries [3] Investment Recommendations - The report suggests that the current valuation of the brokerage sector is attractive, with PB and PE ratios at the 26% and 8% percentiles respectively, indicating a good opportunity for left-side positioning [4]