非银金融行业周报：资本市场改革深化，证券保险迎利好，加密货币市场情绪回暖

Investment Rating - The report maintains a "Recommended" rating for the non-bank financial industry [1] Core Views - The report highlights a series of supportive financial policies aimed at boosting market liquidity and investor confidence, indicating a strong "policy bottom" signal for the capital market [3][27] - The non-bank financial sector is expected to benefit from these policies, with a notable increase in market activity and investor sentiment [6][7] - The report emphasizes the potential for a bull market in the securities sector, driven by mergers and acquisitions and improved market sentiment [6][10] Summary by Sections Market Data Review - The market experienced significant gains from September 23 to September 27, 2024, with the CSI 300 index rising by 15.70% and the brokerage index increasing by 25.60% [15][16] - Daily average trading volume for stock funds reached 12,517.23 billion yuan, up 82.71% from the previous period [23] Industry Dynamics - A series of financial policies were announced on September 24, 2024, including a 0.5 percentage point reduction in the reserve requirement ratio and a decrease in the 7-day reverse repurchase rate from 1.70% to 1.50% [27][28] - The report notes that these policies are expected to enhance the investment environment for insurance companies, encouraging them to increase their equity allocations [28] Company Announcements - Guolian Securities is moving forward with a significant acquisition of Minsheng Securities, which has entered the regulatory approval stage [29] - China Life Insurance issued 35 billion yuan in capital replenishment bonds, indicating strong capital management strategies [30] Key Focus Stocks - The report recommends focusing on specific stocks within the non-bank financial sector, including Xinhua Insurance and China Ping An in the insurance sector, and China Galaxy and Haitong Securities in the brokerage sector [10]