非银金融行业周报：证券需切换牛市思维，保险资负共振持续上攻，加密货币蓄势待破

Investment Rating - The report maintains a "Recommended" rating for the non-bank financial industry [1] Core Views - The non-bank financial sector is experiencing a bullish trend, driven by favorable policies and market sentiment, particularly in the securities and insurance sectors [1][4] - The cryptocurrency market is showing signs of potential upward movement, with Bitcoin expected to break through resistance levels in October and November [4][5] Summary by Sections 1. Weekly Data Review - The market saw significant gains during the week of September 30 to October 4, with the CSI 300 index rising by 8.48% and the brokerage index increasing by 10.68% [11][12] - The average daily trading volume for stock funds reached 30,395.49 billion yuan, a 142.83% increase week-on-week [19] 2. Industry Dynamics - The brokerage sector is being favored by investors, with notable price increases in Hong Kong stocks during the National Day holiday, indicating strong market interest [23] - Recent policy measures aimed at encouraging long-term capital inflow into the market are expected to bolster the performance of insurance companies [24] 3. Company Announcements - Key personnel changes were reported in major insurance companies, including resignations and new appointments, which may impact company strategies moving forward [25][26] 4. Key Stocks to Watch - The report suggests focusing on specific stocks within the non-bank financial sector, including: - Insurance: New China Life, Ping An Insurance [28] - Brokerage: China Galaxy, Haitong Securities, CITIC Securities [28] - Cryptocurrency: Coinbase Global, Robinhood Markets, Tiger Brokers, Futu Holdings [28]