自上而上，把握金融板块历史性机遇

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The combination of monetary policy measures is aiding economic recovery, emphasizing the strengthening of the monetary policy transmission mechanism [1][2] - The People's Bank of China (PBOC) announced a release of approximately 1 trillion yuan in long-term liquidity through a combination of reserve requirement ratio cuts and interest rate reductions, with a 0.5 percentage point cut on September 24 and a reduction in the 7-day reverse repurchase rate [1] - The market sentiment has significantly improved, with the non-bank financial sector being the primary beneficiary of the financial policies and the political bureau meeting, leading to record-high trading volumes in the stock market [1][2] - The valuation of the non-bank financial sector is currently at 1.46x PB, which is 39% of the highest valuation in 2015, indicating potential for technical allocation value [1][2] Summary by Relevant Sections Monetary Policy Impact - The monetary policy transmission mechanism is expected to enhance the basic economic conditions, with improvements in financial data indicating a potential recovery [1] - The PBOC's measures are aimed at alleviating operational pressures on enterprises and boosting consumer demand, with the M1 growth rate hitting a low of -7.3% in August, the lowest since 2014 [1] Market Sentiment and Trading Activity - The average daily trading volume from September 25 to October 8 reached 1.98 trillion yuan, a week-on-week increase of 207% [1] - The margin trading balance as of October 8 was 1.55 trillion yuan, indicating that despite an increase, the leverage remains at a safe level [1] Sector-Specific Insights - The financial technology sector is expected to benefit from the release of funds from the housing market, which will ease repayment pressures and boost consumer demand [2] - The insurance sector is likely to see improved investment returns due to the decline in long-term interest rates and stabilization in the real estate market [1][2] - The brokerage and margin financing businesses are anticipated to contribute to earnings elasticity, further enhancing the valuation of the brokerage sector [2]