一、同意撤销中国人寿保险股份有限公司盘锦市大洼区支公司平安镇营销服务部。 2025年10月21日，盘锦金融监管分局发布批复称，《中国人寿保险股份有限公司辽宁省分公司关于撤销 中国人寿保险股份有限公司盘锦市大洼区支公司平安镇营销服务部的请示》（国寿人险辽发〔2025〕 324号）收悉。经审核，现批复如下： 二、接此批复文件后，中国人寿保险股份有限公司盘锦市大洼区支公司平安镇营销服务部应立即停止一 切经营活动，于15个工作日内向盘锦金融监管分局缴回许可证，并按照有关法律法规要求办理相关手 续。 ...

二、接此批复文件后，中国人寿保险股份有限公司盘山县支公司沙岭镇营销服务部应立即停止一切经营 活动，于15个工作日内向盘锦金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2025年10月21日，盘锦金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司辽宁省分公 司关于撤销中国人寿保险股份有限公司盘山县支公司沙岭镇营销服务部的请示》（国寿人险辽发 〔2025〕306号）收悉。经审核，现批复如下： 一、同意撤销中国人寿保险股份有限公司盘山县支公司沙岭镇营销服务部。 ...

Core Points - The Panjin Financial Regulatory Bureau has approved the request for the cancellation of the Tianshui Marketing Service Department of China Life Insurance Co., Ltd. in Panshan County [1] - Following the approval, the Tianshui Marketing Service Department must cease all business activities immediately and return its license to the Panjin Financial Regulatory Bureau within 15 working days [1] - The company is required to handle related procedures in accordance with relevant laws and regulations [1]

Core Viewpoint - Ocean Group (03377) has entered into a service procurement agreement with China Life Insurance Beijing Branch, indicating a strategic move to enhance its service offerings in the elder care sector with a total contract value expected to not exceed RMB 5.5 million [1] Group 1 - The agreement is between Chuanxuanmao, a wholly-owned subsidiary of Ocean Group, and China Life Insurance Beijing Branch [1] - The purpose of the agreement is for Chuanxuanmao to provide elder care service rights to designated clients of China Life Insurance Beijing Branch [1] - The total contract amount is anticipated to be no more than RMB 5.5 million [1]

Investment Rating - The report maintains a positive outlook on the non-banking financial sector, emphasizing the potential for recovery and growth in the brokerage and insurance segments [2][5]. Core Insights - The brokerage sector has shown strong performance, with notable profit increases for major firms such as CITIC Securities and Dongfang Wealth, indicating a robust market environment [2]. - The insurance sector is expected to benefit from regulatory improvements and a focus on risk management, with a long-term growth outlook driven by public service needs and foreign investment [2][5]. - The report highlights the importance of the "14th Five-Year Plan" and its implications for the financial industry, particularly in terms of innovation and risk management [2][5]. Market Review - The Shanghai Composite Index closed at 4,660.68 with a weekly increase of 3.24%, while the non-banking index rose by 2.02% [5]. - The brokerage index increased by 2.05%, and the insurance index saw a rise of 1.85% during the same period [5]. - The average daily trading volume for the stock market was reported at 20,966.76 billion, reflecting a significant market activity [13][47]. Non-Banking Sector Data - As of October 24, 2025, the 10-year government bond yield was 1.85%, showing a slight decrease, while the corporate bond credit spreads also narrowed [11]. - The report notes that the average daily trading volume for the year has increased by 57.70% compared to the previous year, indicating a strong recovery in market activity [13]. Investment Recommendations - For the brokerage sector, the report recommends focusing on leading firms with strong competitive positions, such as GF Securities and CITIC Securities, as well as those with high earnings elasticity like Dongfang Securities [2]. - In the insurance sector, companies like China Life and Ping An are highlighted as strong investment opportunities due to their expected performance improvements and market positioning [2][5].

Investment Rating - The report suggests a positive outlook for the securities sector, highlighting a significant mismatch between high profitability and low valuations, indicating a favorable investment opportunity [2][3]. Core Insights - The securities sector is expected to continue its high growth trajectory, driven by increased market trading volumes and rising major indices, with a recommendation to focus on brokerage firms with high investment ratios and low valuations [3][4]. - The insurance sector has shown impressive performance in equity investments, with major companies like China Life expected to report substantial profit increases due to favorable market conditions [4][5]. - The report emphasizes the potential for mergers and acquisitions within the securities sector, particularly for high-quality brokerage firms and companies in the biotechnology space [3][5]. Summary by Sections Securities Sector - The third-quarter reports from brokerages indicate a strong performance, with CITIC Securities reporting a total revenue of 55.815 billion yuan, a year-on-year increase of 32.7%, and a net profit of 23.159 billion yuan, up 37.86% [2]. - The average daily stock trading volume in the third quarter reached 2.11 trillion yuan, a 211% increase year-on-year, contributing to the positive outlook for brokerage firms [2][3]. Insurance Sector - China Life's net profit for the first three quarters is projected to be between 156.785 billion and 177.689 billion yuan, reflecting a year-on-year growth of approximately 50% to 70% [4][5]. - The report notes that the insurance sector is likely to see a recovery in stock performance, driven by strong equity market conditions and increased investment in equities [5]. Investment Recommendations - The report recommends focusing on three main lines: brokerage firms with high trading volumes, companies in the biotechnology sector, and diversified financial firms like Hong Kong Exchanges that are expected to benefit from increased market activity [3][5]. - Specific recommendations include strong beta stocks in the insurance sector, undervalued companies like China Taiping, and leading insurance firms with solid business fundamentals [5].

Core Points - The "Guoshou Little Painter" art competition aims to promote comprehensive aesthetic education for children in Zhejiang, enhancing their imagination and creativity [1][3] - The event has been held for 15 years, attracting nearly 2.6 million participants, making it one of the largest and most authoritative children's art competitions in the province [3][4] - The competition emphasizes the integration of technology and art, reflecting a commitment to inclusivity and professionalism while fostering children's artistic expression [3][7] Summary by Sections Event Overview - The 15th anniversary of the "Guoshou Little Painter" competition was celebrated with an awards ceremony and an exhibition in Hangzhou [1][3] - The event featured four themes: "Interstellar Adventure," "Dream Theater," "Future Wonders," and "Time Travel," collecting nearly 60,000 artworks from children aged 3 to 16 [3][4] Educational Impact - Aesthetic education is highlighted as a crucial part of quality education, enhancing children's aesthetic literacy and nurturing their inner beauty [3][6] - Participation in professional art activities helps students improve social adaptability and raises public awareness of mental health issues [6][7] Technological Integration - The competition has adapted to digital trends by incorporating AI and VR technologies into art education, creating interactive and immersive learning environments [7] - The event showcased a blend of traditional and digital art forms, reflecting a shift towards diverse artistic styles among participants [7][9] Cultural Significance - The event serves as a platform for cultural exchange and the promotion of Chinese culture, emphasizing the emotional and cultural depth of children's artworks [6][9] - A special documentary titled "15 Years, 15 People" was released, highlighting the journey and societal value of the competition over the years [9]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The third quarter reports are expected to exceed expectations, indicating a balanced offensive and defensive stance in the non-bank financial sector [5] - The China Securities Regulatory Commission emphasizes the need to deepen comprehensive reforms in investment and financing, enhancing the capital market's inclusiveness and competitiveness [5] - The upcoming financial forum is anticipated to highlight the positive outlook for the third quarter reports of brokerage and insurance companies [5] Summary by Relevant Sections Brokerage Sector - Daily average trading volume for equity funds is 2.33 trillion, down 16.2% week-on-week, but market recovery is driving new fund launches [6] - Major brokerage firms like CITIC Securities and Oriental Fortune reported strong third-quarter results, with CITIC's net profit up 52% year-on-year and Oriental Fortune's up 78% [6] - The outlook for brokerage firms remains positive, with expected improvements in investment banking, derivatives, and public fund businesses, alongside low valuations and significant institutional underweight [6] Insurance Sector - Recent third-quarter earnings forecasts from major insurers indicate substantial growth, with China Life expecting a net profit increase of 50% to 70% year-on-year [7] - The stabilization of long-term interest rates and improved asset yields are expected to enhance insurers' return on equity (ROE) [7] - Recommended stocks include China Life, China Pacific Insurance, and Ping An, with a focus on undervalued companies [7]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Views - The insurance and brokerage stocks are expected to see valuation recovery driven by high earnings growth [1] - The non-bank financial sector has shown a mixed performance, with insurance leading in growth, followed by diversified finance and securities [8][9] Summary by Sections Non-Bank Financial Subsector Performance - In the recent five trading days (October 20-24, 2025), all non-bank financial subsectors underperformed the CSI 300 index, with insurance up by 2.99%, diversified finance by 2.70%, and securities by 2.02% [8] - Year-to-date performance shows insurance leading with a 14.47% increase, followed by diversified finance at 12.38%, and brokerage at 7.73% [9] Non-Bank Financial Subsector Insights Securities - Trading volume has increased year-on-year, with October's average daily stock trading volume at CNY 25,070 billion, up 12.07% from last year [13] - Margin financing balance reached CNY 24,510 billion, a year-on-year increase of 47.76% [13] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025 [23] Insurance - Major insurers like China Life and New China Life are expected to report significant profit increases for Q3, with China Life's net profit projected between CNY 156.8 billion and CNY 177.7 billion, reflecting a 50%-70% year-on-year growth [25] - The insurance sector is benefiting from regulatory support for high-quality health insurance development [31] Diversified Finance - The trust industry is experiencing a stable transition, with total trust assets expected to reach CNY 29.56 trillion by the end of 2024, a 23.58% year-on-year increase [34] - The futures market saw a trading volume of 770 million contracts in September, with a transaction value of CNY 71.50 trillion, reflecting a 33.16% year-on-year growth [38] Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, presenting a safety margin for investors [34] - The recommended ranking for investment is insurance > securities > diversified finance, with key companies including China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [34]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the rebound opportunities in the brokerage segment [2][3]. Core Insights - The report emphasizes the strong performance of major brokerages such as CITIC Securities and Dongfang Wealth, with significant profit growth in Q3 2025, indicating a robust recovery in the brokerage sector [3]. - The insurance sector is expected to benefit from the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," focusing on high-quality development and risk management [3]. - The report identifies three main investment themes in the brokerage sector: strong head institutions benefiting from competitive landscape optimization, brokerages with high earnings elasticity, and firms with strong international business capabilities [3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,660.68 with a weekly change of +3.24%, while the non-bank index closed at 2,017.91 with a change of +2.02% [6]. - The brokerage, insurance, and diversified financial indices reported changes of +2.05%, +1.85%, and +2.46% respectively [6]. Non-Bank Financial Data - As of October 24, 2025, the average daily trading volume in the stock market was 20,966.76 billion, reflecting a decrease of 29.04% compared to the previous month [15][50]. - The margin trading balance reached 24,510.45 billion, an increase of 31.5% from the end of 2024 [15][47]. Key Company Announcements - China Life Insurance expects a net profit increase of approximately 50% to 70% year-on-year for the first three quarters of 2025, driven by effective investment strategies and market recovery [37][38]. - Dongfang Wealth reported a net profit of 9.1 billion for the first nine months of 2025, marking a 51% year-on-year increase [3]. Investment Recommendations - The report recommends investing in leading brokerages such as Guangfa Securities, Guotai Junan, and CITIC Securities, as well as insurance companies like China Life and China Pacific Insurance, due to their strong fundamentals and market positioning [3].