交投持续活跃，政策预期延续

Investment Ratings - The report maintains an "Overweight" rating for the banking sector, "Overweight" for the securities sector, and "Overweight" for the insurance sector [1]. Core Insights - Trading activity remains robust with policy expectations continuing, leading to investment opportunities in the order of securities > insurance > banking. The trading volume reached a historical high of 3.4 trillion yuan on October 8, 2024, with a rapid increase in financing balances and sustained high levels of financing purchases [6][7]. - The insurance sector is expected to outperform the market due to potential earnings boosts as the third-quarter reports approach. The banking sector is anticipated to continue bottoming out in Q3, with weak growth momentum in investment income [2][3][6]. Summary by Sections Securities - Trading volume remains high, with a record of 3.4 trillion yuan on October 8, 2024. Financing balances have increased rapidly, and financing purchases have remained elevated [2][7]. - The brokerage sector is active, but individual stock performance is mixed, with notable rebounds in stocks like Guotai Junan and Haitong Securities. The Shanghai Stock Exchange has clarified refinancing standards for the Sci-Tech Innovation Board, optimizing fundraising rules [2][6]. Insurance - The insurance sector is expected to outperform the market due to potential earnings boosts as the third-quarter reports approach. Companies like China Ping An and China Pacific Insurance are recommended for their balanced fundamentals and growth potential [21][22]. - The stock market's rise is likely to enhance profits, net assets, and embedded value for insurance companies, with estimates suggesting a profit increase of 30%-150% compared to the first half of 2024 [22][23]. Banking - The banking sector is projected to continue its bottoming process in Q3, with weak growth momentum in investment income. The central bank's establishment of swap facilities and the issuance of special government bonds are expected to support major banks in replenishing core tier one capital [2][3][6]. - Recommendations include state-owned major banks and high-performing small and medium-sized banks, such as Industrial and Commercial Bank of China and Ningbo Bank, which are expected to benefit from improved asset quality [3][5].