非银金融行业：保险业绩超预期推动估值修复，下半年有望持续增长

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The insurance sector's performance exceeded market expectations, driving valuation recovery, with continued growth anticipated in the second half of the year due to a gradually lowering base [3][15] - In the securities sector, brokerage firms reported mid-term results with a notable increase in dividend distribution, indicating a positive outlook despite overall revenue and profit declines [3][17] Summary by Sections Insurance - The insurance sector's mid-term performance showed significant growth, with double-digit increases in value realization and investment performance [3][15] - The People's Bank of China has been actively managing long-term interest rate risks, which is expected to benefit the insurance sector [3][16] - The demand for savings-type products is anticipated to rise in the third quarter, driven by adjustments in product interest rates [3][16] - Recommended stocks include China Pacific Insurance, China Property & Casualty Insurance, China Life, China Taiping, New China Life, Ping An Insurance, and AIA Group [3][16] Securities - In the first half of 2024, 43 listed brokerages reported a total revenue of 235.2 billion CNY, a 13% year-on-year decrease, with net profit down 22% to 63.5 billion CNY [3][17] - The top brokerage, CITIC Securities, led the industry with a revenue of 30.18 billion CNY, while several smaller firms showed remarkable growth due to low base effects [3][17][18] - Asset management emerged as a stabilizing factor for performance, with total asset management revenue at 22.2 billion CNY, a slight decline of 3% [3][18] - Recommended stocks in the securities sector include Guotai Junan, China Galaxy, Huatai Securities, CITIC Securities, and Dongfang Wealth [3][17]