非银金融行业周报：保险发展分红险产品助于压降负债成本、提升险资权益配置比例，券商供给侧改革提速

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly in insurance and brokerage firms [2]. Core Insights - The insurance sector is focusing on the development of participating insurance products to reduce liability costs and enhance equity allocation. The recent regulatory changes have lowered the maximum guaranteed interest rates for various insurance products, which is expected to drive the growth of participating insurance [2][10]. - The brokerage sector is experiencing significant consolidation, highlighted by the merger between Guotai Junan and Haitong Securities, which is set to create the largest brokerage firm in the industry. This merger is expected to enhance operational efficiency and market positioning [2][23]. Summary by Sections Insurance Sector - The Shenwan Insurance II Index decreased by 0.26%, outperforming the CSI 300 Index by 2.45 percentage points. The shift to participating insurance is seen as a strategic move to lower fixed liability costs and improve asset-liability matching [2][6]. - As of September 1, 2024, the maximum guaranteed interest rate for new ordinary insurance products has been reduced by 50 basis points to 2.5%. From October 1, 2024, the caps for participating and universal insurance will also decrease to 2.0% and 1.5%, respectively [2][10]. - The report highlights that participating insurance has a lower fixed liability cost compared to traditional products, allowing insurers to share some of the interest rate risks with policyholders [2][10]. Brokerage Sector - The Shenwan Brokerage Index fell by 0.44%, outperforming the CSI 300 Index by 2.27 percentage points. The report notes that the merger between Guotai Junan and Haitong Securities is a landmark event in the brokerage industry, marking the first major restructuring among leading firms in this cycle [2][23]. - If the merger is completed, the combined assets of Guotai Junan and Haitong Securities will reach 1.6195 trillion yuan and 331.1 billion yuan in net assets, surpassing CITIC Securities to become the largest brokerage firm [2][23]. - The report suggests that investors should focus on brokerage firms that are likely to undergo consolidation, recommending firms such as China Galaxy, Guotai Junan, and CITIC Securities [2][23].