Investment Rating - The industry rating is "Outperform the Market" [1] Core Insights - The report emphasizes the potential for the brokerage sector, particularly those trading at 1x PB, to stabilize and break through market resistance, driven by new real estate policies and anticipated market reforms [1][7] - The insurance sector is experiencing a recovery in premium income, with major companies reporting a 3% year-on-year increase in original insurance premium income for the first half of the year, totaling CNY 1.7 trillion [7][8] Summary by Sections 1. Main Views - The market is influenced by fluctuations in exchange rates, geopolitical tensions, and changes in capital flows, with trading volumes around CNY 600 billion [6][7] - The 20th Central Committee's Third Plenary Session is expected to enhance market confidence through reforms, particularly in the capital market [6][7] 1.1 Next Week's Outlook - The report notes the importance of monitoring the recovery slope of the domestic economy and the impact of demand-side policies on the market [7] - The report highlights the need for coordination with financial regulatory bodies for any major policy changes affecting the capital market [7] 1.2 Key Investment Portfolio 1.2.1 Insurance Sector - The insurance sector is currently undervalued, with a focus on companies like China Ping An and China Pacific Insurance for potential recovery [8] - The report suggests monitoring the sales performance in the real estate sector and reforms in life insurance [7][8] 1.2.2 Brokerage Sector - The report recommends focusing on mid-sized brokerage firms benefiting from innovation and transformation, such as East Money and Zhejiang Securities [10] - It also highlights the potential of leading brokerage firms like Huatai Securities and China Galaxy Securities, which are currently undervalued [10]
非银周观点：大会有望提振市场信心，应重视一倍PB的券商板块
Great Wall Securities·2024-07-23 07:02