证券行业周报：2月公募规模显著回升

Investment Rating - The industry investment rating is maintained as "Add" for the non-bank financial sector [3]. Core Insights - The implementation of the "T+1" transfer of securities lending has led to a continuous decline in the scale of securities lending, with the market lending scale at 41.9 billion yuan, down 1.3% week-on-week and down 40.2% compared to before the new regulations [2][9]. - As of the end of February 2024, the asset management scale of securities firms reached 5.3 trillion yuan, an increase of 1.7% from January, ending a continuous decline since September of the previous year. Public fund assets also saw significant growth, with a total scale surpassing 29 trillion yuan for the first time, up 7.1% [2][9]. - The report emphasizes three main investment themes: 1) Listed securities firms with strong merger and acquisition potential; 2) Wealth management targets benefiting from the recovery of the equity market; 3) Listed securities firms with competitive advantages in fixed income business expected to exceed first-quarter earnings forecasts [2][9]. Industry Data - The average daily trading volume of A-shares was 1,082.3 billion yuan, up 4.3% week-on-week. The margin financing and securities lending balance increased by 1.9% and decreased by 1.3% respectively [2][19]. - In the investment banking sector, the IPO and refinancing fundraising scale for January-February 2024 decreased by 44.6% and 71.3% year-on-year, while the bond underwriting scale increased by 19.2% [2][19]. - As of the end of February 2024, the private equity fund scale was 20.3 trillion yuan, down 0.2% from the previous month [2][19].