非银行业周报（2024年第三十四期）：国泰海通提前复牌，并购重组持续推进

Investment Rating - The industry investment rating is "Overweight," indicating that the expected growth level of the industry will exceed that of the CSI 300 index over the next six months [34]. Core Insights - The securities sector experienced a decline of 0.64% this week, outperforming the CSI 300 index by 2.58 percentage points and the Shanghai Composite Index by 2.88 percentage points. The current PB valuation for the brokerage sector is 1.42 times, near the 40th percentile of 2020 [3][5]. - The State Council held a meeting on October 12, discussing measures to enhance fiscal policy counter-cyclical adjustments and promote high-quality economic development. The Ministry of Finance indicated that a series of targeted incremental policy measures will be introduced soon [3]. - The recent merger and acquisition activities, particularly the merger of Guotai Junan and Haitong Securities, are expected to enhance the overall competitiveness of the industry and optimize resource allocation [5][32]. Summary by Sections Securities - Weekly data shows that the average daily trading volume of A-shares was 15,663 billion yuan, up 47.46% week-on-week, with a daily turnover rate of 4.57%, reflecting increased market activity [11]. - The net inflow of northbound funds was -5 billion yuan, with significant changes in the market value of holdings among major brokerages [11][21]. - The total equity financing scale for the year reached 2,316.42 billion yuan, with IPOs accounting for 485 billion yuan and refinancing for 1,838 billion yuan [14][15]. Insurance - The insurance sector's total assets reached 33.90 trillion yuan as of July 2024, with a year-on-year increase of 15.88%. Life insurance companies accounted for 87.08% of total assets [27][28]. - The original insurance premium income for the industry in July 2024 was 39,423.41 billion yuan, reflecting a year-on-year growth of 10.85% [29][30]. - The newly established "Securities, Fund, and Insurance Company Swap Convenience" aims to support qualified institutions in utilizing high-quality liquid assets, enhancing their investment capabilities [6].