国信证券：非银金融板块凭业绩弹性体现显著投资机会 维持行业“优于大市”评级

Group 1 - The core viewpoint of the report is that the ongoing "deposit migration" is creating significant investment opportunities in the non-bank financial sector, with a maintained "outperform" rating for the industry [1] - The capital market is currently in the second phase of a typical bull market, characterized by accelerated sector rotation and increased trading volume, attracting incremental capital [1] - The report outlines three phases of a bull market: the first phase is valuation repair, the second phase is hot sector rotation, and the third phase is significant valuation increase [1] Group 2 - "Deposit migration" is likened to "living water" for wealth, facilitating the influx of incremental capital into risk assets, particularly high-dividend assets [2] - The continuous decline in deposit rates is leading to a shift in customer behavior, with individuals seeking higher returns and diversified investments, prompting financial institutions to innovate their product offerings [2] - The competition among financial institutions is just beginning, driving product innovation and diversification strategies, expanding from traditional equity and fixed income to areas like cross-border, quantitative, and alternative investments [2]