Xin Lang Cai Jing·2025-12-05 06:37Group 1 - The Federal Reserve's entry into a rate-cutting cycle is leading to increased liquidity in the Hong Kong stock market, which is beneficial for enhancing the valuation elasticity of the non-bank sector [1] - Citic Securities highlights that the non-bank financial sector in Hong Kong is expected to benefit from improved liquidity and risk appetite, particularly focusing on core assets like the Hong Kong Stock Exchange as market activity rebounds [1] - Morgan Stanley has added China Ping An to its focus list, predicting a gradual improvement in key financial metrics, including a return on equity (ROE) of 14%-15% by 2028 and a new business value (NBV) growth rate exceeding 20% in 2026 [1] Group 2 - The Guangdong provincial government has issued a plan to support financial backing for enterprise mergers and acquisitions, allowing insurance funds to increase equity investment ratios, which is expected to enhance the long-term capital structure and merger ecosystem [2] - The insurance industry's net assets are projected to grow from 2.7 trillion yuan at the beginning of 2024 to 3.7 trillion yuan by September 2025, indicating a return to a rapid growth trajectory [2] - Insurance stocks are seen as having significant opportunities, with the industry transitioning from a narrative of balance sheet decline to healthy expansion, expected to strengthen further by 2026 [2] Group 3 - As of December 5, 2025, the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index has risen by 2.60%, with the Hong Kong Stock Connect Non-Bank ETF (513750) increasing by 3.07% [3] - Over the past six months, the Hong Kong Stock Connect Non-Bank ETF has accumulated a rise of 19.52%, with the top ten weighted stocks accounting for 82.21% of the index [3] - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 24.511 billion yuan, with net inflows of 2.802 billion yuan over 12 out of the last 22 trading days [3]