非银行业周观点：短期乐观情绪持续萦绕，继续看好相对低估的非银金融板块

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating an expectation for the sector to perform better than the market in the next six months [1]. Core Views - The market sentiment remains optimistic due to policy stimuli, stable exchange rates, and expectations of interest rate cuts in the US, which are expected to positively influence the non-bank financial sector [1][5]. - The report highlights the potential for continued valuation recovery in brokerage firms, particularly in light of recent mergers and acquisitions, such as Guotai Junan's acquisition of Haitong Securities, which exceeded market expectations [1][5]. - The insurance sector is also expected to benefit from cost reduction measures and reforms, with a focus on the long-term interest rate trends and the impact of real estate market recovery on insurance valuations [1][5][6]. Summary by Sections 1. Main Views - The report notes significant increases in major indices, with the CSI 300 Index rising by 15.7% and the brokerage index by 25.6% over the past week [4]. - International geopolitical tensions, such as the Russia-Ukraine conflict and the ongoing Israel-Palestine situation, continue to affect market sentiment [4]. - Domestic policies supporting capital market development have boosted market confidence, leading to increased trading volumes and new account openings among younger investors [4][5]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently undervalued, with key recommendations including China Ping An, which reported a net profit of 74.619 billion yuan for H1 2024, a 6.8% year-on-year increase [7]. - Other recommended companies include China Pacific Insurance and New China Life, with a focus on their improving fundamentals and market positions [7]. 2.2 Brokerage Sector - The report emphasizes the potential of mid-sized brokerage firms benefiting from market activity, recommending companies like East Money and Zhejiang Securities [10]. - It also highlights the importance of leading brokerage firms with diversified revenue structures, such as Huatai Securities and China Galaxy Securities, which are expected to see valuation recovery [10]. - Platform companies like Tonghuashun and Wealth Trend are also mentioned, with a focus on their operational stability and market positioning [10].