综合金融服务行业周报：交易量创新高，政策密集出台，券商股业绩与估值有望显著提升

Investment Rating - The report maintains an "Outperform" rating for the industry [1][23]. Core Insights - The capital market has seen a significant rebound in activity, with various reforms continuing to advance, benefiting leading brokerage firms [1][4]. - The insurance sector is expected to see long-term growth driven by the health and wellness industry, while the low yield on ten-year government bonds may alleviate investment pressures for insurance companies if economic expectations improve [1][4]. - The report highlights the strong performance of the non-bank financial sub-sectors, with the securities industry, insurance industry, and diversified financial industry all outperforming the CSI 300 index [2][4]. Summary by Sections Non-Bank Financial Sub-Sectors Performance - As of September 30, 2024, the securities industry rose by 10.46%, the insurance industry by 9.90%, and the diversified financial industry by 9.73%, with the overall non-bank financial sector increasing by 10.23% [2][4]. - Year-to-date performance shows the insurance industry up by 51.55%, diversified financials by 26.39%, and securities by 25.85%, while the CSI 300 index increased by 17.10% [4][6]. Securities Industry Insights - In September 2024, the average daily trading volume for stock funds reached 912.5 billion yuan, a year-on-year increase of 13.22% and a month-on-month increase of 32.21% [7][10]. - The report notes that the securities sector is a key beneficiary of market rebounds, with increased trading activity leading to higher commission income for brokerages [14][23]. Insurance Industry Insights - The insurance sector is experiencing a positive trend in both liability and asset sides, with a significant increase in premium income, particularly in life insurance, which saw a year-on-year growth of 54.1% in August 2024 [23][28]. - The report indicates that the insurance sector's valuation remains low, between 0.48 and 0.93 times 2024 EP/EV, maintaining an "Outperform" rating [28][23]. Diversified Financial Insights - The trust industry is transitioning into a stable growth phase, with total trust assets reaching 23.92 trillion yuan, a year-on-year increase of 13.18% [31][36]. - The report emphasizes the need for trust companies to adapt to regulatory changes and enhance their asset management capabilities to remain competitive [36][31].