非银行业周报（第三十三期）：多举措支持资本市场

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [46]. Core Views - The securities sector has shown a significant increase of 25.60% this week, outperforming the CSI 300 index by 9.90 percentage points [5]. - Recent government policies aimed at supporting the capital market include lowering the reserve requirement ratio and policy interest rates, which are expected to enhance market liquidity and risk appetite [5][7]. - The report emphasizes the importance of promoting long-term capital inflows into the market, which is anticipated to improve the current low confidence in the capital market [7]. - Mergers and acquisitions (M&A) are highlighted as effective means for securities firms to achieve external growth, with a focus on enhancing industry competitiveness and resource allocation [7][39]. Summary by Sections Securities - The brokerage sector's price-to-book (PB) ratio is currently at 1.29, which is considered historically low [5]. - The average daily trading volume in A-shares reached 10,622 billion yuan, reflecting a week-on-week increase of 88.79% [16]. - The report notes that the total equity financing scale for the year has reached 2,272.08 billion yuan, with IPOs contributing 475 billion yuan [20]. Insurance - The insurance sector has increased by 17.69% this week, outperforming the CSI 300 index by 1.99 percentage points [7]. - The total assets of insurance companies reached 33.90 trillion yuan, with a year-on-year growth of 15.88% [33]. - The report indicates that the insurance industry is encouraged to increase long-term investments in the capital market, with a focus on optimizing assessment mechanisms [7][35]. Industry Dynamics - Recent policies from the Central Financial Committee and the China Securities Regulatory Commission aim to facilitate long-term capital inflows and enhance the efficiency of the M&A market [38]. - The report highlights the need for regulatory support to improve the quality and efficiency of listed companies through M&A and other financial strategies [39].