非银周观点：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 Views - 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 suggests that the narrowing of the China-U.S. interest rate differential may trigger further gains in the securities market [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 [9][10] - The report recommends focusing on specific stocks within the brokerage and insurance sectors, including China Galaxy Securities, Zhejiang Securities, and Ping An Insurance, among others [1][9] Summary by Sections 1. Main Points - The report notes that from September 23 to September 27, the CSI 300 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 promote long-term capital inflow [7][8] 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently at a historically low valuation, presenting an opportunity for valuation recovery. Recommended stocks include Ping An Insurance, China Pacific Insurance, and New China Life Insurance, with Ping An reporting a net profit of 74.619 billion yuan for H1 2024, a 6.8% year-on-year increase [10] 2.2 Brokerage Sector - The report highlights the potential of mid-sized brokerage firms benefiting from market conditions, recommending stocks like East Money and Zhejiang Securities. It also suggests focusing on leading brokerage firms with diversified revenue structures, such as Huatai Securities and China Securities, which are currently undervalued [10]