非银金融行业券商&资本市场周观察-两会观察：重点关注中长期资金入市后续政策催化

Investment Rating - The industry investment rating is "Maintain Buy" for the non-bank financial sector [8]. Core Views - The government work report during the Two Sessions first mentioned "stabilizing the stock market," reflecting a strong commitment to boosting the capital market. Compared to previous years, the content related to the capital market has significantly increased, indicating the government's determination to enhance the capital market's role in economic development [4][14]. - Focus on the follow-up policies to catalyze medium- and long-term capital entering the market, including the scale of two monetary policy tools and related institutional optimizations, as well as the revision of long-term capital assessment policy documents [5][15]. Data Tracking - In February, the A-share market saw an increase of 284,000 new accounts, surpassing the total for the previous 11 months [49]. - The average daily trading volume of A-shares was 17,009 billion, down 14.6% week-on-week [28]. - As of March 7, 2025, the A-share margin trading balance was 19,059 billion, with a financing balance of 18,941 billion, reflecting increases of 76.6 and 69.9 million respectively [28]. - The public fund sector saw the establishment of 20 new equity funds this week, totaling 11.47 billion shares, a decrease of 54.4% [28]. Investment Suggestions - The market's trading activity has significantly increased, suggesting a focus on internet brokerages with high trading elasticity and beta attributes, such as Dongfang Wealth. Additionally, with the recovery of the equity market and the rise of passive investment, it is recommended to pay attention to leading brokerages with advantages in equity asset management and ETF management, such as CITIC Securities, GF Securities, and Huatai Securities [6][16].