国泰海通｜非银：陆家嘴论坛深化改革，重视非银权重股机会

Group 1 - The article emphasizes the importance of deepening capital market reforms and enhancing Shanghai's status as an international financial center, particularly during the Lujiazui Forum where significant policies were introduced [1] - The securities industry is expected to benefit from the expansion of the Sci-Tech Innovation Board and the increase in hard technology companies, which will drive growth in investment banking and M&A activities, as well as cross-border investment and financing demands [1] - In a stable stock market environment, there is a recommendation to focus on undervalued and underrepresented blue-chip stocks, shifting from a marginal thinking approach to a total risk-reward perspective for non-bank blue-chip stocks [1] Group 2 - Recent policies encouraging red-chip and H-shares to return to A-shares are expected to particularly benefit non-bank blue-chip stocks in the Hong Kong market [1] - In the fintech sector, companies with promising growth in their semi-annual reports are recommended for attention, especially in the consumer finance and financial information services industries [1] - The third-party payment sector is anticipated to experience valuation recovery opportunities due to the ongoing catalyst of stablecoin-related policies [1]