Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The recent revision of the corporate governance guidelines by the China Securities Regulatory Commission (CSRC) aims to enhance the governance of listed companies, ensuring better alignment of interests between executives and the company [3][7]. - The number of newly opened margin trading accounts reached a record high of 205,400 in September 2025, reflecting a significant recovery in investor confidence and market sentiment [4][8]. Summary by Sections Market Performance - The major indices experienced declines during the week of October 13 to October 19, 2025, with the Shanghai Composite Index down by 1.47%, the CSI 300 down by 2.22%, and the ChiNext Index down by 5.71% [9]. - The average daily trading volume in A-shares was 2.19 trillion yuan, a decrease of 15.76% compared to the previous period [9]. Credit Business - As of October 17, 2025, the total margin trading balance was 2.43 trillion yuan, with a slight decrease of 0.51% [15]. - The market had 2,989.03 million shares pledged, accounting for 3.65% of the total share capital [15][17]. Fund Issuance - In September 2025, a total of 115.88 billion units of new funds were issued, with 150 funds launched, marking a 13.58% increase from the previous period [15][21]. Investment Banking - The equity underwriting scale in September 2025 was 43.685 billion yuan, including 11.69 billion yuan from IPOs and 31.995 billion yuan from refinancing [15]. Bond Market - The total price index of bonds decreased by 1.94% since the beginning of the year, while the yield on 10-year government bonds rose by 21.69 basis points to 1.82% [15]. Regulatory Policies and Industry Dynamics - The CSRC's revised corporate governance guidelines include comprehensive regulations on the behavior of directors, senior management, and controlling shareholders, aiming to enhance the governance framework and protect investor interests [25]. - The CSRC is also focusing on improving the quality and scope of sustainable disclosures by listed companies [25]. Key Company Announcements - Shouhua Securities submitted an application for issuing overseas listed shares (H shares) on October 16, 2025 [26]. - Zhongtai Securities received approval from the CSRC for a specific stock issuance on October 13, 2025 [26].

Core Insights - The significant increase in new margin trading accounts in September indicates a recovery in investor confidence and a warming market sentiment [2][3]. Group 1: Investor Confidence - The rise in new margin trading accounts reflects a substantial repair in investor confidence, with 205,400 new accounts opened in September, marking a 12.24% increase from August and a 288% increase year-on-year [3][4]. - The trend of new account openings has been steadily increasing since May, suggesting that more investors, particularly those with a higher risk appetite, are optimistic about future market performance [3]. Group 2: Inflow of New Capital - New margin trading accounts represent a potential source of fresh capital entering the market, which can enhance market activity and liquidity as these funds begin to build positions [4]. - The current demand for incremental capital in the market is urgent, and the recovery in margin trading data provides crucial financial support for the A-share market [4]. Group 3: Policy Impact - The cumulative effect of various supportive measures aimed at stabilizing the capital market has become evident, leading to a shift in investor sentiment from cautious observation to active engagement [5]. - These reforms are addressing core market concerns and facilitating a transition from scale expansion to quality improvement in China's capital market, thereby laying a solid foundation for stable long-term operation and institutional openness [5].