非银金融行业双周报：重申看好非银进攻属性

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, emphasizing its offensive attributes [3]. Core Views - The brokerage sector has shown significant excess returns since the introduction of new policies on September 24, with the Shenwan brokerage index rising by 39% from September 24 to September 30, outperforming the CSI 300 by 14.61% [3]. - The insurance sector is expected to sustain its market performance, supported by favorable policies and improving fundamentals, with the potential for valuation recovery not yet fully reflected in current estimates [4]. Summary by Sections Market Review - The CSI 300 index closed at 4,017.85 with a gain of 25.52% during the period from September 23 to September 30, while the non-bank index rose by 35.78% [9]. - The brokerage, insurance, and diversified financial sectors reported gains of 39.01%, 29.36%, and 37.44%, respectively [9]. Industry Insights - The report highlights the positive impact of recent monetary policy tools introduced by the central bank, which are expected to enhance liquidity and investor confidence in the stock market [3]. - The insurance sector is characterized as a "four-haves" sector: supportive policies, strong performance, improving fundamentals, and optimized structure [4]. Investment Analysis - For brokerages, the report suggests focusing on leading institutions benefiting from capital market reforms, recommending stocks such as CITIC Securities and China Galaxy Securities [4]. - The report also advises attention to insurance companies like New China Life and China Life for short-term and long-term investments, respectively [4]. Key Data - As of September 30, 2024, the average daily stock trading volume was 13,204.06 billion, reflecting a 134.68% increase [15]. - The financing balance as of September 27, 2024, was 13,945.09 billion, indicating a decrease from the end of 2023 [15]. Policy Developments - Recent policies aim to encourage long-term capital inflow into the market, with specific measures to enhance the investment environment for institutional investors [22]. - The report notes the establishment of new guidelines to support mergers and acquisitions in strategic industries, which may drive future growth in the brokerage sector [24].