非银行业周观点：短期不妨乐观些，继续看好低估的非银金融板块

Investment Rating - The industry rating is "Outperform the Market" [1] Core Insights - The report expresses optimism for the undervalued non-bank financial sector, driven by recent policy measures, stable exchange rates, and positive expectations regarding U.S. interest rate cuts. The report highlights the significant increase in trading volume and the potential for further gains in the securities market, particularly in the context of narrowing U.S.-China interest rate differentials [1][8] - The insurance sector is expected to benefit from market uptrends, with valuations likely to recover further. The report emphasizes the importance of monitoring life insurance reforms, fundamental recovery, and real estate sales trends [1][9] - The report suggests focusing on specific stocks within the brokerage and financial IT sectors, including companies like 首创证券 (Shouchuang Securities), 浙商证券 (Zheshang Securities), and 东方财富 (East Money) [1][9] Summary by Sections 1. Main Points - The report notes that from September 23 to September 27, the Shanghai Composite Index rose by 15.7%, the insurance index increased by 17.69%, the brokerage index surged by 25.60%, and the diversified financial index grew by 24.93% [6] - Recent domestic policies aimed at supporting capital market development have been introduced, including a reduction in the reserve requirement ratio and measures to encourage long-term capital inflows [7][8] 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently at a historically low valuation, presenting opportunities for valuation recovery. Key recommendations include 中国平安 (Ping An Insurance), 中国太保 (China Pacific Insurance), and 新华保险 (New China Life Insurance) [10] 2.2 Brokerage Sector - The report highlights the potential of mid-sized brokerage firms benefiting from innovation and market conditions, recommending stocks like 东方财富 (East Money) and 浙商证券 (Zheshang Securities). It also suggests focusing on leading brokerage firms with strong performance and diversified revenue structures, such as 华泰证券 (Huatai Securities) and 广发证券 (Guotai Junan Securities) [10]