非银金融行业周报：SFISF正式落地，上市险企三季报“开香槟”，看好非银投资价值

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating a favorable investment rating for the industry [1]. Core Insights - The report highlights the recent policy support for the capital market, which is expected to boost investor confidence. Key announcements include potential interest rate cuts and support for insurance institutions to establish private equity funds [1][11]. - The implementation of the Securities, Fund, and Insurance Company Swap Facility (SFISF) is expected to enhance liquidity in the capital market, benefiting brokerage firms and trading software companies [1][11]. - The insurance sector is experiencing significant profit growth, with several companies reporting substantial increases in net profit for the third quarter of 2024 [1][18][19]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,925.23 with a weekly change of +0.98%, while the non-bank index rose by +2.49% to 1,891.11. Brokerage firms and insurance sectors reported weekly changes of +3.58% and +0.10%, respectively [4]. Industry Data - As of October 18, 2024, the 10-year government bond yield was 2.12%, with a weekly change of -1.83 basis points. The average daily stock trading volume for October 2024 reached 20,597.51 billion, reflecting a 158.47% increase compared to the previous month [7][8]. Industry News and Announcements - The China Securities Regulatory Commission (CSRC) has approved 20 companies, including major brokerages, to participate in the SFISF, which allows for enhanced trading and investment strategies [12][27]. - The report notes that five listed insurance companies have announced profit increases for the third quarter, with China Life expected to see a net profit growth of 165%-185% year-on-year [1][18]. Investment Analysis - The report recommends focusing on leading brokerage firms that will benefit from capital market reforms, such as Huatai Securities and China Galaxy. It also suggests monitoring insurance companies like New China Life and China Ping An for potential growth opportunities [1][11].