非银金融行业：交投活跃与增量资金入市，继续推荐非银板块

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The non-bank financial sector is recommended due to active trading and incremental capital inflow, with a focus on securities and insurance sectors [2] - The report highlights significant increases in Hong Kong brokerage stocks and improved trading conditions on the Shanghai Stock Exchange, which are expected to enhance brokerage profitability and valuation levels [2][13] - The insurance sector is poised for recovery, benefiting from policies aimed at stabilizing growth and improving market conditions, with a recommendation to focus on companies like China Pacific Insurance and Ping An Insurance [2][12] Summary by Sections 1. Weekly Performance - As of September 30, major indices showed significant gains: Shanghai Composite Index up 8.06%, Shenzhen Component Index up 10.67%, and CSI 300 Index up 8.48% [8] - The CITIC II Securities Index rose by 10.41%, and the CITIC II Insurance Index increased by 9.89% [8] 2. Industry Dynamics and Weekly Commentary (a) Insurance - The insurance sector is expected to benefit from a recovery in the asset side due to strong demand for savings products and supportive monetary policies [10][12] - The report notes that the 10-year government bond yield is at 2.15%, indicating a low interest rate environment that may support insurance profitability [10] - The report suggests that the insurance sector's valuation is recovering from historically low levels, with a focus on companies like China Life and New China Life [12] (b) Securities - The report indicates that Hong Kong brokerage stocks have seen substantial increases, with the Hang Seng Index rising by 7.59% and the Hang Seng Tech Index by 10.00% as of October 4 [13][18] - The Shanghai Stock Exchange has extended the time for designated trading orders, which is expected to enhance trading efficiency and investor experience [21] - The report emphasizes the potential for A-share brokerage stocks to rise, reflecting the performance of their Hong Kong counterparts [18][19]