CITIC Securities: Intensive release of policy dividends, highlighting the value of non-bank allocations.

CITIC Securities' latest research report states that it continues to be optimistic about the investment opportunities in the non-bank sector. At the macro level, the stabilization of the domestic economy coupled with the release of liquidity through reserve requirement ratio cuts and interest rate cuts will further improve overseas liquidity if the Federal Reserve cuts interest rates in the second half of the year, boosting the activity of the A-share and Hong Kong stock markets. The non-bank sector, as a core participant in the capital market, will directly benefit from this. From a policy perspective, new regulations in the securities industry may bring revenue growth to brokerage firms in multiple businesses, and the long-term assessment policy of insurance funds will release the investment income elasticity, improving valuation. Asset management products will drive the equity market, and the three major policies will reshape the industry ecology and solidify the fundamentals. The current valuation of the sector is in the historical median range, offering both high cost-effectiveness and a safety margin.