Group 1 - Chinese brokerage stocks have seen significant gains, with China Galaxy rising by 5.17% to HKD 10.57, Guotai Junan increasing by 4.61% to HKD 16.78, CITIC Securities up by 3.21% to HKD 27.64, and GF Securities climbing by 2.58% to HKD 17.49 [1] - The Financial Regulatory Commission has issued a notice to adjust risk factors related to insurance companies' business, which includes lowering risk factors for long-term holdings of certain stocks, thereby encouraging insurance capital to increase equity asset allocation while maintaining solvency constraints [1] - The release of minimum capital requirements is limited but clearly directed, which is expected to benefit insurance capital in increasing equity ratios and extending holding periods, with an anticipated 30% of new premiums entering the market [1] Group 2 - The Chairman of the Securities Regulatory Commission, Wu Qing, indicated a policy of appropriate "relaxation" for quality institutions, aimed at optimizing risk control indicators and enhancing capital utilization efficiency [2] - The analysis from Haitong Securities highlights that the core of the "relaxation" policy is to shift the operational logic of the securities industry from scale-oriented to risk pricing capability, which will significantly benefit leading brokerages and act as a catalyst for valuation recovery in the sector [2]
港股异动 | 中资券商股涨幅扩大 险资有望持续为权益市场提供增量 优质机构松绑有助估值修复