非银金融：《关于推动中长期资金入市的指导意见》的点评-“提振资本市场”射出第一支箭

Investment Rating - The report rates the non-bank financial industry as "Overweight" indicating a positive outlook for the sector [2][7]. Core Insights - The report highlights the issuance of the "Guiding Opinions on Promoting Long-term Capital into the Market," which outlines three core measures to encourage long-term investment in the capital market [2]. - The main objectives of the opinions include significantly increasing the scale and proportion of long-term capital investment, improving the structure of capital market investors, and enhancing the stability of investment behaviors [2]. - The report emphasizes the importance of supporting the development of public equity funds and private securities investment funds to foster a healthier capital market ecosystem [2]. Summary by Sections Industry Overview - The report discusses the recent policy initiatives aimed at boosting the capital market, particularly focusing on long-term investments [2]. - It notes that the regulatory environment is evolving with new policies being introduced to facilitate mergers and acquisitions and improve market value management [2]. Investment Analysis - The report expresses optimism regarding the insurance sector, anticipating positive impacts from upcoming supportive policies and better-than-expected quarterly results [2]. - It recommends specific companies within the insurance sector, including New China Life, China Life, Ping An, and Sunshine Insurance, based on their potential for valuation growth [2]. - For brokerage firms, the report suggests focusing on leading firms with improved risk control metrics and those involved in mergers and acquisitions [2]. Valuation Metrics - The report provides a valuation table for key brokerage firms, detailing metrics such as closing price, price-to-book ratio (PB), and projected return on equity (ROE) for 2024 [3][4]. - Notable firms include CITIC Securities with a closing price of 22.48 RMB and a projected ROE of 7.4%, and Guotai Junan with a closing price of 14.70 RMB and a projected ROE of 5.6% [3].