非银金融行业周报：保险中报资、负两端均超预期，券商中报2Q24业绩环比改善

Investment Rating - The report maintains a positive outlook on the insurance and brokerage sectors, indicating a "Buy" recommendation for key companies in these industries [3][4]. Core Insights - The insurance sector showed strong performance with a 12.5% year-on-year increase in net profit for A-share listed insurance companies in the first half of 2024, driven by improved investment returns and underwriting profits [3][4]. - The brokerage sector's performance improved sequentially in Q2 2024, with a total net profit of 346 billion yuan, reflecting an 18% quarter-on-quarter growth [3][4]. Summary by Sections Insurance Sector - The Shenyuan Insurance II Index rose by 2.37%, outperforming the CSI 300 Index by 2.54 percentage points [3]. - A-share listed insurance companies reported a total net profit of 171.8 billion yuan, significantly exceeding expectations [3]. - The new business value (NBV) for A-share listed insurers increased by 23.4% year-on-year to 744.81 billion yuan, with all companies exceeding expectations [3][4]. - The combined loss ratio (COR) for property insurance improved, with major companies reporting better-than-expected underwriting profits [3]. - The average net investment return for A-share listed insurers increased by 0.4 percentage points year-on-year to 3.4% [3]. Brokerage Sector - The Shenyuan Brokerage Index increased by 1.90%, outperforming the CSI 300 Index by 2.07 percentage points [3]. - The total operating income for 43 listed brokerages was 235 billion yuan, a year-on-year decline of 12.7%, while net profit fell by 22% [3]. - Investment income became a key factor affecting brokerage performance, with major firms like GF Securities and Huatai Securities reporting year-on-year growth in investment returns [3][4]. - The report highlights the ongoing capital market reforms and potential mergers and acquisitions as key investment themes for 2024 [3][4].