金融行业周报：利好政策密集出台，估值显著修复可期

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - Favorable policies are being introduced intensively, and a significant valuation recovery is expected [1] - The non-bank financial sub-sectors have shown strong performance recently, with the multi-financial sector up 28.16%, the securities sector up 24.84%, and the insurance sector up 17.67% over the last five trading days [2][3] - The insurance sector has the best performance year-to-date, with a 37.90% increase, followed by the multi-financial sector at 15.19% and the securities sector at 13.94% [3] Summary by Relevant Sections Securities - In September 2024, the trading volume significantly increased, with the average daily stock fund trading amount reaching 890.9 billion yuan, a 15.90% increase from August [6] - The margin balance as of September 26, 2024, was 1,375.8 billion yuan, down 14.66% year-on-year [6] - The capital market reforms are ongoing, and leading brokerages are expected to benefit significantly [1][6] Insurance - The insurance sector is experiencing a positive trend in both liability and asset sides, with a notable increase in premium income [17] - From January to August 2024, the original premium income for life insurance reached 34,136 billion yuan, a year-on-year increase of 15.9% [17] - The insurance sector's valuation is currently at historical lows, maintaining an "Outperform the Market" rating [22] Multi-Financial - The trust industry is entering a stable transition period, with the asset scale stabilizing and slightly recovering [25] - The futures market transaction volume has increased, with a total transaction amount of 53.16 trillion yuan in August 2024, showing a month-on-month increase [31] - The trust industry is shifting from traditional channels to active management, with a focus on wealth management services [30]