Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][27]. Core Insights - The report emphasizes the importance of building a strong financial nation and highlights the investment value within the sector [1][6]. - It discusses the recent developments in regulatory policies aimed at enhancing the quality of the capital market and increasing the proportion of medium- and long-term funds entering the market [3][7]. - The report notes that certain brokerage firms are expected to achieve steady growth in performance through both external and internal development strategies, including exploring overseas business opportunities [3][7]. Market Performance - During the period from January 26 to February 1, major indices showed mixed performance, with the Shanghai Composite Index declining by 0.44% and the CSI 300 Index increasing by 0.08% [3][8]. - The average daily trading volume in A-shares reached 3.11 trillion yuan, reflecting an increase of 11.27% compared to the previous period [3][8]. - The non-bank financial index rose by 1.04%, ranking 7th among 31 primary industries [8]. Key Data Tracking 1) Market Performance and Scale: The report highlights the top-performing stocks, including Yiyaton (5.94%), Huaxin Shares (4.53%), and Jiangsu Jinzu (3.92%), while noting the worst performers such as Yuexiu Capital (-8.00%) and Zhejiang Dongfang (-6.37%) [9][13]. 2) Credit Business: As of January 30, the market had 2,892.27 million pledged shares, accounting for 3.51% of the total share capital, with a margin balance of 2.72 trillion yuan, reflecting a decrease of 0.30% [13][15]. 3) Fund Issuance: In December 2025, new fund issuance totaled 52.195 billion shares, with a decrease of 1.62% in the number of funds issued [13][16]. 4) Investment Banking: The report states that the equity underwriting scale in December 2025 was 70.318 billion yuan, with IPO amounts at 31.412 billion yuan and refinancing amounts at 38.906 billion yuan [13][16]. 5) Bond Market: The total price index of bonds decreased by 2.22% compared to the beginning of 2025, with the 10-year government bond yield at 1.81%, up by 20.35 basis points [13][16]. Regulatory Policies and Industry Dynamics - The report discusses recent regulatory actions to standardize public fund sales and enhance supervision of fund marketing practices [20]. - It mentions the expansion of strategic investors in the refinancing of listed companies, aimed at facilitating long-term capital entry into the market [20][22].

Investment Rating - The non-bank financial industry is rated as "Leading the Market - A (Maintain)" [3] Core Viewpoints - The report emphasizes the importance of policy-driven high-quality financial development and accelerating the construction of a financial powerhouse. It highlights the need for financial services to focus on the real economy and improve the precision and effectiveness of financial support for key industries [3][4] - The report indicates that the capital market reforms are being clarified by regulatory authorities, aiming to enhance the resilience and risk resistance of the capital market while fostering high-quality listed companies [4][24] Summary by Relevant Sections 1. Investment Recommendations - The report advocates for the implementation of the spirit of the 20th National Congress of the Communist Party of China, focusing on high-quality financial development and the construction of a financial powerhouse. It stresses the importance of risk prevention, strong regulation, and promoting high-quality development [8][24] 2. Market Review - During the period from October 20 to October 24, major indices saw an overall increase, with the Shanghai Composite Index rising by 2.88%, the CSI 300 by 3.24%, and the ChiNext Index by 8.05%. The average daily trading volume in A-shares was 1.80 trillion yuan, a decrease of 18.04% compared to the previous period [5][10] 3. Key Industry Data Tracking - As of October 24, the margin trading balance was 2.46 trillion yuan, reflecting a 1.14% increase. The market's pledged shares amounted to 2,977.27 billion shares, accounting for 3.64% of the total share capital [14][18] - In September 2025, the equity underwriting scale reached 436.85 billion yuan, with IPO amounts at 116.90 billion yuan and refinancing amounts at 319.95 billion yuan [14] 4. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) emphasized the need to enhance the resilience and risk resistance of the capital market, improve the inclusiveness and adaptability of capital market systems, and strengthen regulatory enforcement effectiveness [24] - The People's Bank of China highlighted the importance of maintaining stability in financial markets, including the stock, bond, and foreign exchange markets, while enhancing the financial system's ability to serve the real economy [24]