Investment Rating - The report maintains a "stronger than market" rating for the non-bank financial sector, indicating an expectation for the sector to outperform the market in the next six months [1][16]. Core Viewpoints - The market is influenced by policy stimuli, exchange rate fluctuations, and expectations of interest rate cuts in the US, leading to increased trading volumes and volatility. The report suggests that the valuation of brokerage firms is likely to recover [1][6]. - The insurance sector is expected to see positive feedback from the strong performance of New China Life Insurance's Q3 earnings forecast, with a focus on cost reduction and fundamental improvements in the insurance industry [1][7]. - The report emphasizes the importance of monitoring the reform of life insurance and the sales performance in the real estate sector, as concerns about long-term interest rates persist [1][7]. Summary by Sections 1. Main Points - The Shanghai Composite Index decreased by 3.25% during the period from October 8 to October 11, while the insurance index fell by 0.26% and the brokerage index by 0.68% [4]. - The report highlights the potential for recovery in the non-bank financial sector, particularly in brokerage firms, due to anticipated mergers and acquisitions [1][6]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently undervalued, with specific recommendations for companies such as China Ping An, China Pacific Insurance, and New China Life Insurance, which is expected to see a significant increase in net profit [8]. 2.2 Brokerage Sector - The report recommends focusing on mid-sized brokerage firms benefiting from market activity, such as East Money and Zhejiang Securities, as well as established firms like Huatai Securities and China Galaxy Securities, which have strong earnings and diversified revenue structures [11].
非银行业周观点：市场前行中波动调整，继续看好相对低估的非银金融板块
Great Wall Securities·2024-10-14 11:41