The new "National Nine Articles" top-level design guidelines for the capital market clarify the effectiveness and direction of cultivating first-class investment banks. The long-term logic of activating the capital market remains unchanged. It is recommended to focus on the main logical lines including mergers and acquisitions, the transformation of wealth management, the expansion of innovative licenses, and the improvement of ROE. In terms of individual stocks, attention is advised on large brokerages with strong capital strength and stable business operations for potential allocation opportunities.
According to the Zhitong Finance APP, Donghai Securities has released a research report stating that the new "Nine National Policies" top-level design guidelines for the capital market clarify the effectiveness and direction of cultivating first-class investment banks. The long-term logic of activating the capital market remains unchanged, and it is recommended to focus on the main logical threads including mergers and acquisitions, the transformation of wealth management, the innovation of license operations, and the enhancement of ROE. It is advised to pay attention to large brokerages with substantial capital strength and stable business operations for investment opportunities; the new "Ten National Policies" focus on high-quality development within a framework of strong regulation and risk prevention, and aim to optimize product design and enhance channel value with policy support, recommending attention to large comprehensive insurance companies with competitive advantages.
The main points from Donghai Securities are as follows:
Market Review: Last week, the non-bank index fell by 5%, which is a 4.2 percentage point decline compared to the CSI 300, with both the brokerage and insurance indices showing a synchronized decline of -5.3% and -4%, respectively, indicating a significant oversell in the securities index. In terms of market data, last week's average daily trading volume of stock mutual funds was 30.833 billion yuan, a decrease of 11.7% week-on-week; the balance of margin trading was 2.29 trillion yuan, an increase of 1.1% week-on-week; the market value of stock pledges was 3 trillion yuan, which slightly decreased by 0.5% week-on-week.
Brokerage: The comprehensive implementation of the three-phase fee reform for public offerings has led to a 165% year-on-year growth in new accounts opened for A-shares on the Shanghai Stock Exchange in August.
1) On September 5, the China Securities Regulatory Commission publicly solicited opinions on the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds (Draft for Comments)". The main revisions include: first, reasonably reducing the subscription fees, purchase fees, and sales service fee rates for public funds to lower investor costs; second, optimizing redemption arrangements by clarifying that the full amount of public fund redemption fees will be included in the fund's assets; third, encouraging long-term holding by specifying that no sales service fee will be charged for stock, mixed, and bond funds held by investors for more than one year; fourth, adhering to the development orientation of equity funds by setting differentiated caps on trailing commission payment ratios; fifth, strengthening the regulation of fund sales expenses to comprehensively address issues such as the allocation of interest from fund sales settlement funds and the dual charging of fund investment advisory services; sixth, establishing a direct sales service platform for institutional investors in the fund industry to provide efficient, convenient, and secure services for the direct sales business of fund managers. The comprehensive implementation of the three-phase public offering fee reform has effectively reduced investor costs through a series of measures such as reasonable fee reductions, optimized redemption arrangements, and encouragement of long-term holding, which is conducive to guiding investors to establish a long-term investment concept and promoting the shift of the public fund industry from a scale-oriented approach to an investor return-oriented approach.
2) In August, there were 2.65 million new accounts opened for A-shares on the Shanghai Stock Exchange, a year-on-year increase of 165.2% and a month-on-month increase of 35.0%. This further enhancement on the basis of a high previous year’s base has driven the total number of new accounts opened from January to August 2025 to 17.21 million, reflecting a year-on-year growth of 47.9% and maintaining strong growth momentum.
Insurance: The capital margin management of insurance companies is set to be revised, with attention to the sector's catalysts under the adjustment of the prescribed interest rates.
1) On September 5, the China Banking and Insurance Regulatory Commission revised and released the "Measures for the Management of Capital Margins of Insurance Companies." First, it removes the restrictions on the types of banks where capital margins can be deposited, allowing all types of commercial banks to serve as deposit banks, fully implementing the guidelines for opening up; second, it optimizes the conditions for deposit banks, including raising the requirement for the net asset scale of deposit banks from 20 billion yuan to 30 billion yuan, and supplementing and improving the prudential regulatory indicators for deposit banks; third, it improves the forms of capital margin deposits by adding "large-denomination certificates of deposit" and changing "large-denomination agreements" to "agreement deposits"; fourth, it enhances the management requirements for capital margins, adding requirements for the renewal or transfer of capital margins after maturity and increasing the minimum deposit amount for single capital margin deposits; fifth, it changes the post-filing system for capital margin disposal actions to a post-reporting system, streamlining submission items and reducing compliance costs.
2) The mid-year report data of listed insurance companies show strong performance, and it is expected that the growth of new business value (NBV) and profits will continue to catalyze the sector's market performance. On the liability side, the catalyst of "stop-sale speculation" brought about by the adjustment of prescribed interest rates has been reflected in the premium data over the past few months. New products will improve the liability structure to some extent and alleviate interest spread pressure; on the investment side, the ongoing bullish market in equities continues to enhance investment performance. The inflow of medium and long-term funds into the market will further increase investment elasticity. Moreover, as blue-chip stocks, insurance companies still have significant allocation demand, suggesting attention to the sector's catalysts under multiple current factors.
Risk Warning: Systemic risks may suppress brokerage firms' performance and valuations, unexpected declines in long-term interest rates, and severe fluctuations in the equity market. Regulatory policy adjustments may lead to ineffective implementation of business development strategies.
