金融行业周报：监管导向银行保险负债端压力有望下降

Investment Rating - The report maintains an "Overweight" rating for the banking sector, "Recommended" rating for the securities sector, and "Recommended" rating for the insurance sector [27][29]. Core Insights - The banking sector is expected to focus on quality over quantity in its development, with a high dividend strategy being the main investment theme for 2024. Key stocks to watch include Changshu Bank, Zheshang Bank, Hangzhou Bank, and Shanghai Bank [27]. - The securities sector is anticipated to benefit from mergers and acquisitions, which will enhance capital-saving capabilities and improve valuations. Key stocks include Guolian Securities, Zheshang Securities, Fangzheng Securities, and Xinda Securities [29]. - The insurance sector is projected to experience a reduction in cost pressures and risks associated with interest rate spreads, with a focus on high-quality development. Key stocks to monitor are New China Life Insurance and Ping An Insurance [29]. Summary by Sections Market Review - The A-share market experienced a general decline from June 17 to June 21, with the CSI 300 index down 1.30% and the banking index down 0.24% year-to-date [8]. Key Data Tracking - The 10-year government bond yield decreased to around 2.25%, while the average interbank lending rate showed some recovery. The average daily trading volume in A-shares fell to 710.6 billion yuan, a decrease of 5.40% week-on-week [12][27]. Industry Dynamics - The China Securities Association has introduced new requirements for securities firms regarding complaint handling, emphasizing the importance of investor rights protection [21]. - The China Securities Regulatory Commission announced measures to deepen the reform of the Sci-Tech Innovation Board, focusing on supporting high-tech enterprises [23]. Company Dynamics - Western Securities is planning to acquire a controlling stake in Guorong Securities, while Changjiang Securities announced a cash dividend distribution plan [25][26]. Investment Recommendations - The banking sector is advised to focus on high dividend strategies, with a recommendation to monitor state-owned banks and certain rural commercial banks. The securities sector's investment focus remains on mergers and acquisitions, while the insurance sector is expected to benefit from improved cost structures and market conditions [27][29].