非银金融周报：互换便利加速出台，助力资本市场稳定发展

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The introduction of the Securities, Fund, and Insurance Company Swap Facility (SFISF) by the People's Bank of China is aimed at stabilizing the capital market and enhancing the financing capabilities of non-bank institutions [4][13] - The average daily trading volume of A-shares for the week of October 13-19, 2024, was 1,679.8 billion yuan, a decrease of 24.9% week-on-week but an increase of 109.5% year-on-year [2][16] - The non-bank financial Shenwan index rose by 2.49%, outperforming the CSI 300 index by 1.51 percentage points, ranking 13th among all primary industries [12] Summary by Sections 1. Non-Bank Financial Weekly Insights 1.1 Market and Sector Performance - The non-bank financial index increased by 2.49%, with the securities sector up by 3.58%, insurance by 0.10%, diversified finance by 3.39%, internet finance by 8.96%, and fintech by 13.65% [12][19] - Notable gainers included Sichuan Shuangma (+28.99%), Haitong Securities (+26.01%), and New Power Finance (+21.01) [12][28] 1.2 Brokers: New Tools to Support Capital Market Stability - The SFISF allows for a one-year swap with the possibility of extension, with the first batch of applications exceeding 200 billion yuan [4][13] - The tool is designed to enhance market stability by allowing financial institutions to finance through collateral swaps rather than selling stocks under pressure [4][13] 1.3 Insurance: High Prosperity Expected to Continue - The rapid implementation of the SFISF and other capital market policies is expected to restore market confidence and improve the investment returns for insurance companies [5][14] - Cumulative original premium income for major insurers from January to September 2024 showed steady growth, with China Ping An at 689.2 billion yuan (+8.4%) and China Life at 608.3 billion yuan (+5.1%) [5][14] 2. Market Indicators - The average daily trading volume for 2024 to date is 855.4 billion yuan, a decrease of 2.0% compared to 2023 [2][16] - As of October 17, 2024, the margin financing balance was 1,594.7 billion yuan, a slight increase of 0.26% week-on-week [2][16] 3. Industry News - The Financial Regulatory Bureau has approved the establishment of a foreign-funded property insurance company and a foreign-funded insurance asset management company in Beijing [29] - The People's Bank of China has officially launched stock repurchase and increase loans, with an initial quota of 300 billion yuan at an interest rate of 1.75% [31][32]