Core Viewpoint - The A-share market has shown a collective increase, with significant gains in major indices, driven by expectations of financial reform and improved profitability in the securities industry [1][2]. Market Performance - On September 29, the three major A-share indices rose collectively: Shanghai Composite Index increased by 0.90%, Shenzhen Component Index by 2.05%, and ChiNext Index by 2.74%. The total market turnover reached 2.18 trillion yuan [1]. Reasons for the Uptrend - The rise in the market is attributed to the "anti-involution" policy regarding brokerage commissions, which aims to prohibit extremely low commission rates and promote a more sustainable commission structure. This includes banning "万1免5" and ensuring that commissions do not fall below cost [2][3]. - The China Securities Regulatory Commission (CSRC) has emphasized that by 2025, brokers must not attract clients through "zero commission" or below-cost pricing, which is expected to enhance the profitability of securities firms in the short term and support the long-term health of the industry [2][3]. Market Outlook - The market is expected to remain active, with a "slow bull" trend anticipated. The margin financing balance is maintained at a high level of 2.4 trillion yuan, and the profitability of the securities industry in Q3 is expected to exceed expectations [4]. - The recent interest rate cuts by the Federal Reserve are likely to attract foreign capital back to the A-share market, as the appeal of RMB assets increases. Historical data shows significant inflows of foreign investment into Chinese bonds and stocks following previous rate cuts [4]. - Domestic savings have increased significantly, with total savings rising from 93 trillion yuan at the end of 2020 to 162 trillion yuan by mid-2023, indicating potential for further investment shifts from savings to the stock market [4]. Long-term Capital Inflows - A plan set for January 2025 aims to steadily increase the scale and proportion of long-term capital invested in A-shares, with annual additions of several hundred billion yuan expected. Public funds are projected to increase their holdings of A-share market value by at least 10% annually over the next three years [5]. - Large state-owned insurance companies are encouraged to allocate 30% of their new premiums to A-share investments starting in 2025, aiming for a steady increase in the proportion of insurance funds invested in the stock market [5]. Investment Opportunities - The securities ETF (512880) is highlighted as a key investment opportunity due to its large scale and liquidity, with a current size exceeding 54.1 billion yuan and a price-to-book ratio of only 1.6, indicating it is at a historically low valuation [6][7]. - Investors are advised to consider gradual investments in the securities ETF and its related funds [8].

A股券商股午后持续走强，广发证券、华泰证券双双涨停，国盛金控此前封板，中信证券等大幅冲高。 港股市场中资券商股亦大爆发，中资券商股指数一度大涨近9%。那么，究竟发生了什么？分析人士认 为，券商股是少有的景气度处于显著提升期又没有大涨过的板块，此前一直处于被压制的状态。在个别 板块进入泡沫期之后，券商股此时爆发对于市场有一定支撑作用。这可能是券商今天爆发的主要原因。 另外，关于券商"反内卷"的传闻亦不断刷屏。值得注意的是，盘后，国家发改委表示，经济运行仍存挑 战，将适时加力实施宏观政策。新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。与此 同时，花旗将中国股票评级调至"增持"。（券商中国） ...