非银金融行业周报：政策强势或带动预期扭转，板块蓄势待破

Investment Rating - The report maintains a "Recommended" rating for the non-bank financial sector [1] Core Views - The capital market is expected to see a turnaround in market confidence and expectations due to the release of incremental policies [4] - The insurance sector is shifting its focus from liability to asset-side flexibility, with a recommendation for internal rotation within the sector [5] - The cryptocurrency market is experiencing short-term liquidity challenges but is anticipated to rebound with upcoming catalysts such as the U.S. elections and interest rate developments [6] - The multi-financial sector is advised to focus on futures and central enterprise financial holdings, with a positive outlook for asset management companies (AMCs) [7] Summary by Sections 1. Market Data - The non-bank financial sector outperformed the market with a 1-month increase of 37.8%, a 3-month increase of 41.1%, and a 12-month increase of 19.8% [4] - The overall market indices, including the Shanghai Composite Index, saw declines, with the Shanghai Composite down 3.56% over the past week [13][14] 2. Industry Dynamics - A series of incremental policies were announced to support local governments in managing debt risks and to stabilize the real estate market [4][24] - The introduction of a new monetary policy tool to enhance liquidity for securities, funds, and insurance companies is expected to stabilize the capital market [25] 3. Company Announcements - China Galaxy Securities announced the issuance of a short-term financing bond with a total amount of 50 billion RMB at a rate of 2.15% [26] - China Ping An announced a cash dividend of 0.93 RMB per share for its A-share holders [27] 4. Key Focus Stocks - The report recommends focusing on key companies within the insurance sector such as China Ping An and New China Life, as well as brokerage firms like China Galaxy and Haitong Securities [28]