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Kaiyuan Securities: Guiding long-term excess assessment, the non-bank Sector is expected to receive additional allocation.
Currently, the Brokerage Sector's PB(LF) is 1.3 times, positioned at the 22% percentile since 2013. In the medium to long term, some undervalued quality symbols in the non-bank sector are expected to receive increased allocation.
Hong Kong Stock Concept Tracking | New regulations for major asset restructuring of listed companies have been implemented! The performance potential of Brokerages is expected to accelerate release (including Concept stocks).
On May 16, the China Securities Regulatory Commission officially announced and implemented the revised "Administrative Measures for Major Asset Restructuring of Listed Companies," optimizing aspects such as simplifying review procedures, innovating trade tools, and enhancing regulatory inclusiveness, promoting mergers and acquisitions towards marketization.
Tianfeng: Ongoing policies are boosting confidence in the Brokerage Sector, and the Industry is likely to rise.
With the continuous release of policy dividends, Brokerages are expected to ride the wave.
Hong Kong Stock Concept Tracking | Fund managers increase positions to catch up with benchmark weights. The Brokerage Sector may welcome a reassessment of its value (with related stocks included).
Taking Banks as an example, if the allocation ratio of the Sector increases from 3.3% in the annual report to three scenarios of 5%, 7.5%, and 10%, it will respectively bring in additional funds of 50 billion yuan, 123.7 billion yuan, and 197.3 billion yuan.
The China Securities Regulatory Commission issued an action plan to promote the high-quality development of mutual Funds, urging Fund companies to shift from focusing on "scale" to "returns."
To implement the decision made in the Central Political Bureau meeting on September 26, 2024, to "steadily advance the reform of public funds," the China Securities Regulatory Commission recently issued the "Action Plan for Promoting the High-Quality Development of Public Funds." This plan proposes a series of reform measures that respond to market and societal concerns, focusing on urging Fund companies, Fund sales Institutions, and other Industry Institutions to shift from "emphasizing scale" to "emphasizing returns," creating an industry high-quality development "turning point," with 25 measures proposed. 1. Optimize the fee model for actively managed equity funds. For actively managed equity funds, implement a floating management fee model linked to the fund's performance.
Highlights of the "One Line, One Bureau, One Meeting" press conference: Simultaneous reduction of reserve requirements and interest rates! A comprehensive financial policy package has been launched.
The reserve requirement ratio is lowered by 0.5 percentage points, with the overall average reserve requirement ratio decreasing from 6.6% to 6.2%, expected to provide approximately 1 trillion yuan in long-term liquidity to the market.
