Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The recent implementation of the public fund fee reform in three phases is driving high-quality development in the industry. Brokerage firms continue to show high growth in their mid-year performance, and market enthusiasm remains high. The valuation still offers cost-effectiveness, suggesting a focus on leading companies and high-performing stocks in the sector. In the insurance sector, the overall trend supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - From the perspective of profitability and dividend stability, the report continues to recommend Jiangsu Jinzu, which has stable profit growth and dividend rates, China Ping An, which maintains a high dividend yield, and China Pacific Insurance, which has clear advantages in business model and market position. Additionally, based on performance elasticity and valuation levels, the report recommends Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [4] Summary by Sections Industry Overview - The non-bank financial index increased by 0.3% this week, with an excess return of -1.1% relative to the CSI 300, ranking 24th out of 31 industries. Year-to-date, the non-bank financial index is up 8.2%, with an excess return of -6.7%, also ranking 21st out of 31 [5] - Market enthusiasm has slightly declined, with an average daily trading volume of 23,264.15 billion yuan, down 10.63% week-on-week, and an average turnover rate of 2.45%, down 34.86 basis points [5] Key Industry News & Company Announcements - The China Securities Regulatory Commission released the "Classification Evaluation Regulations for Futures Companies" [6] - Company announcements include Guosen Securities completing the registration procedures for issuing new shares to acquire 96.08% of Wanhe Securities, and Xibu Securities completing the transfer of shares for the acquisition of Guorong Securities [6] Brokerage Data Tracking - The report highlights a slight recovery in margin financing, with a balance of 2.34 trillion yuan, up 2.67% week-on-week. The stock pledge market remains cautious, with expectations of continued contraction in stock pledge scale, but improved asset yield rates are anticipated to enhance income performance [45][49]

Core Insights - A severe hailstorm hit multiple areas in Beijing on the evening of September 13, causing significant damage to vehicles, including broken windshields and dents [2] - Insurance companies have confirmed that vehicles covered by comprehensive car insurance can claim for damages caused by natural disasters like hail [2][4] - Timely reporting of claims is crucial, with a standard requirement of reporting within 48 hours for car insurance [1][4] Insurance Coverage - Comprehensive car insurance covers direct losses from natural disasters, including hail damage to vehicles [2] - Specific damages eligible for claims include broken windshields, body dents, and water leaks from sunroofs, provided the vehicle is insured [2][4] - Vehicles without comprehensive coverage, or those that fail to report damages promptly, may not receive compensation [2][4] Claims Process - As of September 14, insurance companies in Beijing have received a high volume of claims, with over 14,000 reported to Ping An Insurance and 4,300 to China Pacific Insurance [4] - Vehicle owners are advised to document damages with photos and to cover broken windows to prevent further issues [4] - The insurance companies emphasize the importance of timely reporting, recommending claims be filed within 48 hours for car insurance and 24 hours for property insurance [4] Preventive Measures - Insurance representatives suggest parking in underground garages or using protective covers when hail warnings are issued to minimize potential damage [4]

Core Viewpoint - The significant growth in the bancassurance channel's performance in the first half of 2025 is a common characteristic among the five major listed insurance companies in A-shares, driven by factors such as "reporting and banking integration," strong demand for wealth management, and the recovery of the "one-to-many" model in bancassurance [1][6]. Group 1: Performance Metrics - China Ping An's bancassurance channel NBV increased by 168.6% year-on-year [3] - China Life's new single premium in the bancassurance channel grew by 111.1% year-on-year [3] - China Pacific Insurance's new insurance business in the bancassurance channel rose by 95.6% [3] - New China Life's first-year premium for long-term insurance in the bancassurance channel surged by 150.3% [3] - China People's Insurance's NBV on a comparable basis increased by 107.7% year-on-year [3] Group 2: Factors Driving Growth - Three main factors are driving the significant growth in the bancassurance channel: 1. "Reporting and banking integration" enhances the business value of the bancassurance channel [6] 2. The low-interest-rate environment has led to strong demand for wealth management, with insurance products offering relative advantages over bank deposits [6] 3. The recovery of the "one-to-many" model has opened up growth opportunities [6] Group 3: Channel Strategy - The bancassurance channel is becoming a consensus among listed insurance companies, with significant increases in both the number of partnerships with banks and per capita productivity [3][4] - The diversification of bancassurance channels is a growing trend, with a focus on not only state-owned and joint-stock banks but also city commercial banks and rural commercial banks [4] - The insurance industry is shifting towards a multi-channel strategy, recognizing the need to cater to different customer segments through various distribution channels [8]

Core Insights - The insurance premium income in Guizhou Province from January to July 2025 reached 39.589 billion yuan, showing a year-on-year growth of 2.88% [1] - Life insurance accounted for the highest share of the total insurance premium income in Guizhou, amounting to 15.828 billion yuan, which represents 39.98% of the total [1] Company Insights - Listed companies mentioned include Tianmao Group (000627), China Ping An (601318), China Pacific Insurance (601601), China Life (601628), China Insurance (601319), and Xinhua Insurance (601336) [1] - The report by Zhiyan Consulting provides an analysis of the development and investment prospects of the Chinese insurance industry from 2025 to 2031 [1] Industry Insights - The cumulative original insurance premium income in Guizhou Province from 2020 to July 2025 is illustrated in a statistical chart [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Core Insights - Ping An Property & Casualty has insured over 150,000 drones, providing risk coverage exceeding 90 billion yuan, with compensation amounts surpassing 1.17 billion yuan for drones and aircraft [1][2] Group 1: Low Altitude Economy Development - The low altitude economy is recognized as a strategic emerging industry during the 14th Five-Year Plan, transitioning from policy trials to large-scale applications, including drone logistics, urban air traffic, and emergency rescue scenarios [2][3] - The complexity and risks associated with low altitude flying activities necessitate the role of insurance as a critical component for commercial viability [2][3] Group 2: Insurance Product Development - Ping An Property & Casualty aims to develop specialized insurance products tailored to the entire low altitude economy industry chain, addressing risk management needs while leveraging its technological capabilities for risk reduction [2][3] - The company has established a new risk research institute in collaboration with Zhongcai Property & Casualty, focusing on risk points throughout the operational processes of low altitude activities [2][3] Group 3: Emerging Risk Management - The "White Paper" highlights that low altitude economy presents unique challenges compared to traditional aviation and ground transportation, requiring targeted safety and risk prevention systems [3] - The demand for low altitude economy insurance is expected to exhibit characteristics of "full chain, high adaptability, and strong professionalism," covering various aspects from flight activities to data security and navigation system failures [3] Group 4: Future Industry Integration - By 2035, the low altitude economy is projected to expand to a scale of 3.5 trillion yuan, necessitating insurance to permeate every segment of the low altitude economy [4] - The "White Paper" suggests that the insurance industry should innovate product offerings, optimize business models, enhance service capabilities, and improve supporting measures to facilitate high-quality development of the low altitude economy [4][5]

随后，平安产险特邀医疗专家，为相关人员开展了一场生动的应急知识培训。专家详细讲解了AED自 动除颤仪的操作流程，通过现场演示，让参与者直观地掌握了急救技能，增强了自救、互救能力。这一 环节，不仅普及了急救知识，也提升了村民面对突发状况时的应对能力，为构建平安乡村奠定了坚实基 础。 为深入贯彻落实党的二十大精神，积极响应国家乡村振兴战略，切实解决农村地区群众的民生问题，有 效助力基层党组织发挥乡村振兴战斗堡垒作用，9月8日，平安产险南平中心支公司走进南平市浦城县万 安乡浦潭村，开展以"筑牢党建基础，服务乡村振兴"为主题的平安产险医疗健康下乡百村巡回活动。 活动现场，平安产险南平中心支公司向浦潭村捐赠了一批价值3万元的医疗设备，包括AED除颤设备、 血压测量仪器、居民服务小药箱等，助力提升浦潭村的医疗保障能力，为村民的健康安全保驾护航。这 些设备，不仅解决了村民日常健康监测的难题，更为紧急情况下的生命救援提供了有力支持。 此外，平安产险志愿者还化身为金融知识宣传员，通过发放宣传资料、现场讲解等方式，向村民普及金 融知识，提高村民的金融素养，帮助村民更好地管理个人财务，防范金融风险，为乡村振兴注入了金融 智慧。 ( ...

Group 1 - The core initiative is the "Medical Health Down to the Countryside - Hundred Villages Tour Activity," aimed at enhancing public emergency response capabilities in rural areas through the donation of medical equipment and health knowledge [1][4] - The company donated AED automatic defibrillators and practical medical resource packages to several villages, including 1 set of AED and 30 medical resource packages to each of five villages [1] - The activity included emergency knowledge training for community volunteers, covering CPR and the operation of AEDs, with participants receiving completion certificates to provide professional emergency services in their communities [4] Group 2 - A financial education campaign was conducted alongside the medical initiative, focusing on consumer protection and financial risk awareness, including topics like fraud prevention and personal information protection [7] - The initiative received positive feedback from local communities, with a village presenting a plaque to the company as a token of appreciation for their efforts [9] - The company emphasizes its commitment to rural revitalization and aligns its actions with national financial strategies, leveraging its resources to support community needs and enhance the role of grassroots party organizations [11]

Core Viewpoint - The event organized by Ping An Property & Casualty Insurance in Jinjiang focuses on strengthening the foundation of party building and serving rural revitalization through a comprehensive mechanism that integrates five key areas: party building, inclusive finance, risk prevention, rural revitalization, and consumer rights protection [1]. Group 1: Inclusive Finance - The company donated 3 AED automatic defibrillators and 90 first aid kits to three villages, enhancing health facilities and safety for villagers [3]. - Over 500 villagers participated in training sessions on emergency rescue skills, including CPR and AED usage, significantly improving the rural emergency response capability [3]. Group 2: Risk Prevention - A specialized consumer protection team was formed to educate villagers on financial risks, focusing on anti-money laundering, anti-telecom fraud, and preventing pension fraud [6]. - The initiative distributed over 1,200 informational brochures and established over 300 financial safety records for villagers, effectively strengthening the financial risk defense in rural areas [6]. Group 3: Rural Revitalization - The company held a ceremony to unveil "Party Building Co-construction Units" and "Three Agriculture Service Stations" in collaboration with local party committees, promoting sustainable financial support for rural industries [9]. - Future services will include customized agricultural insurance and disaster reduction training, injecting sustainable financial momentum into rural revitalization [9]. Group 4: Consumer Rights Protection - An innovative "demand-response" mechanism was established to address villagers' urgent needs, combining AED donations, emergency training, and financial education into a comprehensive service package [11][12]. - The effectiveness of the services will be monitored through key indicators such as equipment usage rates and emergency case outcomes to ensure precise and continuous service optimization [12]. Group 5: Social Responsibility - The event exemplified a collaborative governance model involving government guidance, corporate support, and community participation, aimed at creating a safe and healthy rural revitalization demonstration [15]. - Local governments expressed commitment to enhance policy collaboration and promote the replication of successful experiences [15]. Group 6: Future Commitment - The company plans to deepen the practice of the five key areas through a model that integrates health public welfare, financial education, and industrial services, contributing to a new framework for rural revitalization [17].

当闽西的秋风掠过古田会议旧址的红砖墙，一场特殊的"物资交接"正在古田镇卫生院上演——9月10 日，平安产险龙岩中心支公司向古田镇人民政府捐赠了价值3万元的医疗设备，包括AED自动除颤仪、 血压测量仪器、居民服务小药箱等。这批物资将有效完善基层医疗设施，为村民日常健康监测和突发状 况急救提供有力保障。 与此同时，平安产险龙岩中心支公司志愿者还带来了金融防诈小课堂，以案说法，向村民生动普及反诈 防骗技能，守护好百姓的"钱袋子"。 这天，这场以"筑牢党建基础，服务乡村振兴"为宗旨的医疗健康下乡百村巡回行动，让革命老区的人民 进一步触摸到"金融为民"的温度。平安产险龙岩中心支公司也将带着五篇金融大文章的"民生密码"，持 续在闽西这方红色热土上书写平安守护答卷。 (李静、阙秀芬) 送硬件设备，更送实用技能。当天，平安产险龙岩中心支公司还特邀医疗专家为村民和镇卫生院医护人 员开展应急救护培训，详细讲解AED 使用方法、心肺复苏操作步骤等实用技能，并通过现场演示，让 大家在互动中掌握要领。这不仅提升了基层应急救护能力，也为守护群众生命安全增添了"护身符"。 ...

Core Viewpoint - Shenzhen has transformed from a financial desert in 1979 to one of China's three major financial centers by 2024, showcasing a remarkable journey of financial reform and innovation [5][8]. Group 1: Initial Creation and Exploration (1979-1990) - Shenzhen was designated as a "test field" for economic reform in 1979, leading to the establishment of the first foreign bank branch in China and the birth of national banks like China Merchants Bank [9]. - The first stock in New China was issued in 1983, marking the beginning of the capital market, with significant events like the public offering of Shenzhen Development Bank in 1987 [9]. - The emergence of non-bank financial institutions, such as Ping An Insurance in 1988, laid the groundwork for future financial giants [9]. Group 2: Leap and Growth (1990-2004) - The establishment of the Shenzhen Stock Exchange in December 1990 marked a significant leap in Shenzhen's financial history, providing direct financing channels for enterprises [10]. - By the end of 2004, the Shenzhen Stock Exchange had 536 listed companies with a total market value of 1.1 trillion yuan and an annual trading volume of 1.6 trillion yuan [10]. - Shenzhen became a hub for venture capital, with over 20 billion yuan invested in more than 100 projects by 2004 [10]. Group 3: Adjustment and Transformation (2004-2019) - The introduction of the SME Board in 2004 provided a dedicated platform for small and medium enterprises, with over 327 companies listed and more than 300 billion yuan raised by 2009 [12]. - The launch of the ChiNext in 2009 focused on innovative and growth-oriented enterprises, leading to a surge in the number of listed companies from 28 to nearly 800 by 2019 [12]. - The establishment of Qianhai as a financial innovation zone in 2010 facilitated cross-border financial services, with over 52,000 financial enterprises registered by 2019 [16]. Group 4: Elevation and Leadership (2019-Present) - Shenzhen's financial sector has been elevated under national strategies, with over 400 companies listed on the ChiNext through a registration system by 2025, raising over 500 billion yuan [18]. - The total number of companies on the Shenzhen main board is expected to approach 1,600 by mid-2025, with a market value nearing 40 trillion yuan [18]. - The implementation of the "Cross-Border Wealth Management Connect" in 2024 has seen significant participation from banks and a substantial increase in cross-border transactions [19]. Group 5: Achievements and Strengths - By the end of 2024, Shenzhen's financial institutions held deposits of 135.78 trillion yuan and loans of 94.83 trillion yuan, with total banking assets reaching 13.57 trillion yuan [21]. - The Shenzhen Stock Exchange had 2,852 listed companies with a market capitalization of 33.04 trillion yuan, ranking it among the top globally [21][23]. - The insurance sector reported premium income of 195.82 billion yuan in 2024, with total assets of 7.3 trillion yuan [25]. Group 6: Reflection and Future Outlook - Over 45 years, Shenzhen has evolved from a financial desert to a global financial technology leader, with significant achievements in various financial sectors [34]. - The city's success is attributed to its innovative spirit, close ties between finance and the real economy, and a highly market-oriented system [34]. - Looking ahead, Shenzhen's financial industry is poised for further growth and innovation, building on its past successes [34].