Huan Qiu Wang·2026-02-01 03:00Core Viewpoint - The non-bank financial sector has become a significant focus for fund allocation, with public funds increasing their positions in this area, particularly in insurance and brokerage stocks, which are now the fourth largest area of increase in holdings [1][3]. Group 1: Non-Bank Financial Sector - Public funds have increased their allocation to non-bank financials (insurance, brokerages) by over 1 percentage point, making it the fourth largest area of fund increase, following non-ferrous metals, communications, and basic chemicals [1]. - The insurance sector has shown remarkable performance, with leading companies like China Ping An and China Pacific Insurance receiving significant over-allocations due to improved balance sheets and recovery in new business value [3]. - The brokerage sector is experiencing a trend of concentration among leading firms, with public funds increasing their holdings in major brokerages like CITIC Securities and Huatai Securities, while smaller firms see limited increases [3]. Group 2: Investment Trends and Market Outlook - The current increase in non-bank financials is primarily driven by value-oriented funds, contrasting with growth-driven sectors like non-ferrous metals and communications [3]. - The insurance index has risen by 23.42% in the fourth quarter of 2025, significantly outperforming bank and brokerage stocks, highlighting the sector's stability and growth potential [3]. - The outlook for the non-bank financial sector remains focused on "performance-driven" strategies, with attention on new policy developments and market activity levels, suggesting that this sector may become a key allocation area for medium to long-term funds in a low-interest-rate environment [4].