开源证券：关注非银金融行业业绩预告 资金端扰动不改板块中期逻辑

Core Viewpoint - The report from Kaiyuan Securities indicates that the insurance and brokerage sectors have shown active performance since the beginning of the year, driven by better-than-expected policy sales and a noticeable rise in the stock market, benefiting both sectors [1] Brokerage Sector - The average daily trading volume of stock funds reached 3.37 trillion yuan in the first week of 2026, up 33% month-on-month and 150% year-on-year, indicating a significant increase in market activity [2] - As of January 8, 2026, the margin trading balance reached 2.62 trillion yuan, a 44.1% increase compared to January 10, 2025 [2] - The stock market has experienced a "good start," with the Shanghai Composite Index and the Wind All A Index both surpassing new highs from 2025, which is favorable for brokerage firms and securities IT companies [2] - Regulatory policies are entering a "positive" cycle, with expected growth in investment banking, public funds, and overseas business, supporting the profitability of the securities industry in 2026 [2] - Recommended stocks include leading low-valuation brokerages such as Huatai Securities, Guotai Junan, CICC H, and CITIC Securities, as well as wealth management leaders like GF Securities and Dongfang Securities H [2] Insurance Sector - The insurance sector's performance is positively influenced by both the liability and asset sides, with the "good start" exceeding expectations [3] - The individual insurance channel is under pressure for 2025, but the "good start" for 2026 is well-prepared, with dividend insurance becoming more attractive in a bullish market [3] - The trend of residents moving deposits is expected to sustain high growth in the bancassurance channel, while health insurance is anticipated to improve under policy guidance [3] - On the asset side, stable long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a gradual improvement in profit margins [3] - Recommended insurance stocks include China Pacific Insurance, Ping An Insurance, and China Life Insurance H [3]