非银金融行业周报：中央财政发力有望提振投资信心，看好非银投资价值

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the long-term investment value of brokerage firms [4]. Core Insights - Central fiscal efforts are expected to boost investment confidence, with a series of incremental policies aimed at supporting economic development [4]. - The brokerage sector is anticipated to benefit from increased market activity and policy catalysts, with significant trading volumes recorded [4][12]. - The insurance sector is also expected to gain from new policies and market conditions, particularly through innovative financial instruments [4]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,217 points, down 14% from its peak of 3,674 points [4]. - The average daily trading volume in the A-share market was 25.49 trillion yuan, reflecting a 2.38% decrease from the previous period [13]. - The non-bank index reported a slight decline of 0.64% during the week [8]. Industry News and Announcements - The report discusses the merger plan between Guotai Junan and Haitong Securities, which is expected to reshape the industry landscape [4][23]. - The introduction of a 500 billion yuan swap facility by the central bank is anticipated to enhance liquidity for securities, funds, and insurance companies [17][25]. - The insurance sector is encouraged to participate in new financial instruments that could improve their investment returns [4]. Key Data Tracking - As of October 11, 2024, the 10-year government bond yield was 2.14%, with a slight decrease of 1.26 basis points [12]. - The average daily margin trading balance was reported at 15,884.03 billion yuan, indicating a decrease from the previous year [13]. - The insurance sector's performance is expected to improve, with New China Life Insurance forecasting a net profit increase of 95%-115% year-on-year for Q3 2024 [4].