策略对话行业：非银：红利支撑与政策催化

Core Insights - The non-bank financial sector is supported by dividend advantages and policy catalysts, with a focus on high dividend yield sectors such as insurance, leasing, financial holding, and securities, which are expected to continue to show high cost-effectiveness [2][6][10] - The new "National Ten Articles" policy aims to promote high-quality development in the insurance industry, emphasizing product transformation and innovation, as well as increasing investment in strategic emerging industries and advanced manufacturing [6][9] - The acceleration of mergers and acquisitions in the brokerage sector is expected to boost market confidence, as regulatory support encourages concentrated development and highlights the importance of mergers and acquisitions [2][8][16] Non-Bank Financial Sector - The non-bank financial sector is currently characterized by a favorable dividend yield environment, with many high-dividend sectors experiencing significant price increases since early 2024, while sectors like leasing and financial holding still offer high dividend rates [2][6][10] - The stability of earnings in the non-bank financial sector is notable, with lower variance in return on equity (ROE) compared to more volatile sectors [2][6] Policy Catalysts - The "National Ten Articles" released on September 11 outlines a framework for the insurance industry's high-quality development over the next 5 to 10 years, focusing on risk prevention and regulatory measures [6][8] - Specific measures include enhancing asset-liability management, improving market exit mechanisms for underperforming insurance institutions, and promoting the development of floating income insurance products [9][10] Investment Opportunities - The insurance sector shows a robust average dividend yield, with major companies like Ping An and China Pacific Insurance yielding above 3%, indicating strong investor returns [10][11] - The multi-financial sector also presents high dividend yields, with companies like Haide Co. and Jiangsu Jinzhong leading in dividend performance [10][11] - In the brokerage sector, firms such as Huatai Securities and Guotai Junan are highlighted for their strong dividend yields and stability, making them attractive investment options [10][13] Mergers and Acquisitions - The brokerage sector is experiencing a surge in mergers and acquisitions, driven by regulatory encouragement and the need for firms to enhance their competitive edge through consolidation [16][17] - Historical trends indicate that mergers often occur at low valuation points, suggesting potential for upward valuation adjustments as market conditions improve [16][17]