非银金融行业周报：陆家嘴论坛指明改革方向，把握券商并购与保险回暖配置逻辑

Investment Rating - The industry investment rating is "Overweight" [21] Core Insights - The report emphasizes the importance of the Lujiazui Forum in setting the direction for capital market reforms, which is expected to enhance the merger and acquisition activities among brokerages and improve insurance configurations [3][19] - The insurance sector is highlighted for its potential growth driven by the adjustment of preset interest rates and the increasing demand for long-term protection and savings from residents [3][19] - The report notes that the non-bank financial index fell by 1.3%, mirroring the performance of the CSI 300 index, with both the brokerage and insurance sectors experiencing declines [3][7] Summary by Sections Market Review - The non-bank financial index decreased by 1.3%, with the brokerage index down by 1.5% and the insurance index down by 0.5% [3][7] - Average daily trading volume in the stock market was 831 billion yuan, a decrease of 3.8% from the previous week [14] Industry News - The Lujiazui Forum indicated a clear direction for capital market reforms, with the China Securities Regulatory Commission (CSRC) emphasizing the need to embrace new productive forces and enhance investor protection [3][19] - The CSRC released eight measures to deepen the reform of the Sci-Tech Innovation Board, aiming to improve the inclusiveness of the capital market [19] Investment Recommendations - For brokerages, the report suggests focusing on merger and acquisition opportunities, high asset returns, and improving return on equity (ROE) [3] - In the insurance sector, the introduction of a tiered agent system is expected to enhance the quality of the workforce, while the stabilization of long-term interest rates and positive expectations for capital market reforms are seen as beneficial [3]