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[CITIC Construction Investment: The securities sector has medium and long-term allocation value, and it is recommended to pay attention to three main lines] On October 14th, CITIC Securities Research Report stated that the securities sector has medium- and long-term allocation value, and it is recommended to pay attention to three main lines. The post-holiday transaction volume rebounded month-on-month, mainly due to the calendar effect of the return of funds, but it is still in a downward trend year-on-year, and the return of funds is more reflected in the adjustment of existing positions, and the market as a whole is still in the shrinking and consolidation stage. The balance of financing and financing is at a historically high level, but the leverage level is basically consistent with the expansion of market capitalization. The risk of systemic increased leverage is controllable, and the market risk appetite is still on the path of recovery. The pace of equity financing is stable, and resources continue to be tilted towards new productivity areas. The current sector valuation is at a relatively low level in history, with a certain margin of safety. It is recommended to pay attention to the differentiated competitiveness securities companies of technology investment banks, leading securities companies in large wealth business and financial technology targets, and leading securities companies whose internationalization speed drives ROE upward.
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[Hong Kong: Study and promote current account cross-border insurance fund settlement facilitation services for banking institutions to deepen interconnection with the mainland insurance market] September 16th, according to the Hong Kong Special Administrative Region News Government Gazette, the "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)" was announced today (September 16), which proposed to promote cross-border capital flows and implement innovative experiments in financial policies. Strengthen financial market linkage with cities such as Shenzhen and Guangzhou, promote the application of cross-border data verification platforms, and promote the high-quality development of financial technology in the Guangdong-Hong Kong-Macao Greater Bay Area. Make good use of the role of the Guangdong-Hong Kong-Macao Greater Bay Area as a testbed for policy innovation, provide residents in the Guangdong-Hong Kong-Macao Greater Bay Area with a richer range of cross-border insurance products, study and promote banking institutions’ current cross-border insurance fund settlement facilitation services, and deepen interconnection with the mainland insurance market. Deepen cross-border gold processing trade, explore green finance, sustainable investment, and financial technology cooperation, promote the development of the carbon market and green financial ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the development of the international carbon market.