金融行业双周报：六部门发文惩治资本市场财务造假，维护良好市场生态

Investment Ratings - The banking sector is rated as "Overweight" (maintained) [2] - The securities sector is rated as "Market Perform" (maintained) [4] - The insurance sector is rated as "Overweight" (maintained) [4] Core Insights - The banking index increased by 1.84% over the past two weeks, outperforming the Shanghai Composite Index which decreased by 1.85% [10] - The securities sector experienced a decline of 6.77%, with market sentiment remaining low due to increased volatility and regulatory scrutiny [39] - The insurance sector is facing pressure from declining long-term interest rates, prompting some companies to adjust their guaranteed interest rates downward [41] Market Review - As of July 5, 2024, the banking, securities, and insurance indices had respective changes of +1.84%, -6.77%, and -1.72% [10] - The average daily trading volume in the A-share market was 6176.05 billion, reflecting a decrease of 7.10% [31] - The 10-year government bond yield rose from 2.20% to 2.25% following the central bank's announcement of bond borrowing agreements [38] Valuation Situation - The banking sector's price-to-book (PB) ratio is 0.60, with state-owned banks at 0.62 and joint-stock banks at 0.54 [19] - The securities sector's PB ratio is 1.08, below the three-year median of 1.37, indicating potential for valuation recovery [23] - The insurance companies' price-to-earnings value (PEV) ratios are as follows: New China Life at 0.32, China Pacific at 0.47, Ping An at 0.50, and China Life at 0.57 [25] Investment Recommendations - For the banking sector, recommended stocks include Ningbo Bank, Hangzhou Bank, and Agricultural Bank of China, focusing on high dividend yields and stable performance [6][38] - In the securities sector, attention is drawn to firms like Zheshang Securities and CITIC Securities, which are expected to benefit from policy support [40] - In the insurance sector, companies such as China Pacific and Ping An are highlighted for their growth potential and strategic reforms [41]