非银金融行业周报：SFISF与财政部表态提振市场信心，把握政策催化下的板块配置机遇

Investment Rating - The report rates the non-bank financial sector as "Overweight" [6][26]. Core Insights - The report highlights the acceleration of the merger between Guotai Junan and Haitong Securities, which is expected to enhance operational efficiency and market positioning [6][7]. - The introduction of the SFISF (Securities, Fund, and Insurance Company Swap Facility) is anticipated to boost market confidence and facilitate capital inflow into the non-bank financial sector [6][7]. - The report emphasizes the importance of sustainable asset-liability management in the insurance sector, particularly in light of recent policy changes aimed at promoting high-quality development [7]. Summary by Sections Market Review - The non-bank financial index fell by 0.6% last week, outperforming the CSI 300 by 2.7 percentage points. The brokerage and insurance indices also saw declines of 0.68% and 0.26%, respectively [6][10]. - Daily average trading volume for stock funds was 29,979 billion yuan, a decrease of 1.4% from the previous week [21]. Brokerage Insights - Market activity surged post-National Day, with a peak daily trading volume reaching 35,000 billion yuan. The average daily trading volume remained above 25,000 billion yuan, marking a recent high [6]. - The merger between Guotai Junan and Haitong Securities is progressing rapidly, with a share exchange ratio of 1:0.62 and a fundraising plan of up to 10 billion yuan [6][7]. Insurance Insights - The SFISF policy has increased interest in high-dividend assets, with insurance funds expected to allocate a significant portion to equities [7]. - The Ministry of Finance's recent announcements are expected to stimulate premium demand and improve the asset-liability balance for insurance companies [7]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high financial ratios, and improving return on equity (ROE) as key investment themes [7]. - In the insurance sector, attention is drawn to large comprehensive insurance companies that possess competitive advantages [7].