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 overall [1]. Core Views - The market sentiment remains optimistic due to policy stimuli, stable exchange rates, and positive expectations regarding U.S. interest rate cuts. This has led to increased trading volumes and market fluctuations, with broker valuations expected to continue recovering [1][5]. - The report highlights the potential for mergers and acquisitions among state-owned brokerages, particularly following Guotai Junan's announcement to acquire Haitong Securities, which exceeded market expectations [1]. - The insurance sector is experiencing a recovery in valuations, driven by cost reduction efforts and improvements in the fundamental outlook, particularly in life insurance reforms and real estate sales [1][5]. 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. The insurance index also showed a notable increase of 17.69% [4]. - Internationally, 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 bolstered market confidence, leading to a recovery in real estate sales and an increase in new stock accounts 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% increase year-on-year [7]. - Other recommended companies include China Pacific Insurance and New China Life Insurance, with a focus on their improving fundamentals and market positions [7]. 2.2 Brokerage Sector - The report emphasizes the potential of mid-sized securities 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, suggesting stocks like Huatai Securities and China Galaxy Securities for their recovery potential [10]. - Platform companies such as Tonghuashun and Wealth Trend are also recommended, despite some recent declines in their performance metrics [10].
非银周观点：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
Great Wall Securities·2024-10-08 06:08