How has the market performed after the recent adjustments in risk factors by insurance companies and the introduction of leverage policies by brokerages?

The China Banking and Insurance Regulatory Commission has lowered the risk factors for insurance companies. Wu Qing mentioned broadening the capital space and leverage limits for securities firms. The Guojin Strategy Team believes this may signal a new round of easing capital conditions, bringing in incremental funds and benefiting the long-term asset side of non-bank institutions. Historically, the market has performed well after similar policies were introduced, with the non-bank sector achieving excess returns