综合金融服务行业周报：券商风控指标优化，利好高评级头部券商

Investment Rating - The insurance sector maintains an "outperform the market" rating, with valuations at historical lows of 0.34-0.75 times 2024 EP/EV [6][20][26]. Core Insights - The insurance industry is expected to see sustained improvement in premium income, with a significant year-on-year increase of 47.5% in August 2024, driven by adjustments in predetermined interest rates [6][26]. - The third "National Ten Articles" for the insurance sector focuses on risk mitigation and high-quality development, aiming to strengthen regulation and enhance the industry's resilience [6][20][22]. - The non-bank financial sector, including insurance, securities, and diversified finance, has outperformed the CSI 300 index recently, indicating a positive market trend [8][10]. Summary by Sections Insurance Sector - August 2024 saw a substantial increase in premium income for listed life insurance companies, with a year-on-year growth of 47.5%, attributed to a sales surge before the adjustment of traditional insurance rates [6][26]. - The property insurance sector also showed growth, with a 9.4% increase in premiums, indicating a recovery trend [6][26]. - The insurance sector's valuation remains low, with estimates between 0.34-0.75 times 2024 EP/EV, suggesting potential for upward movement as economic conditions improve [6][20][26]. Securities Sector - The average daily trading volume in September 2024 decreased by 20.24% year-on-year, reflecting a challenging market environment for securities firms [5][13]. - The release of new risk control indicators for securities firms aims to guide them towards a capital-intensive development model, enhancing risk management and operational efficiency [5][17]. - The average valuation for the securities sector is currently at 1.0 times 2024 EP/B, indicating a low valuation level with potential for recovery as market conditions stabilize [5][20]. Diversified Finance - The trust industry reported a stable asset scale of 23.92 trillion yuan at the end of 2023, with a year-on-year increase of 13.18%, reflecting a shift towards active management [29][30]. - The futures market experienced a decline in trading volume, with a 22.44% year-on-year drop in August 2024, indicating a need for innovation in business models [29][30].