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非银行业周报：政策密集出台，继续看好非银板块配置机会
INDUSTRIAL SECURITIES·2024-10-21 02:11

Investment Rating - The report provides an investment rating of "Buy" for China Pacific Insurance and "Hold" for several other companies including Ping An, China Life, and Huatai Securities, with a general recommendation to increase holdings in the non-bank financial sector [2]. Core Insights - The report highlights the recent implementation of swap convenience operations by the central bank and the China Securities Regulatory Commission, which is expected to inject new capital into the market and improve the profitability of non-bank financial institutions [4]. - The insurance sector shows a positive trend in premium income, particularly in life insurance, with a year-on-year increase of 15.85% in the first nine months of 2024, driven by demand for dividend and universal insurance products [5][24]. - The report emphasizes the potential for valuation recovery in the securities sector, as the price-to-book (PB) ratio is currently at a low level, providing a safety margin for investors [4]. Summary by Sections 1. Index and Sector Performance - From October 14 to October 18, 2024, the CSI 300 index increased by 0.98%, while the securities sector rose by 3.58% and the insurance sector by 0.10% [12]. 2. Insurance Weekly Data Tracking 2.1 Asset Trends - The report notes an increase in bond yields, with the 10-year government bond yield at 2.12%, down by 2.49 basis points [14]. 2.2 Liability Trends - Life insurance companies reported a cumulative premium income of CNY 34,136 million, with a year-on-year growth of 15.85% [27]. 3. Securities Weekly Data Tracking 3.1 Market Trading - The average daily trading volume in the stock market decreased by 34.57% to CNY 16,679.90 billion during the reporting period [30]. 4. Key Company Announcements & Industry News - Major insurance companies, including China Life and China Pacific Insurance, have announced significant profit increases for the third quarter, with China Life expecting a net profit of CNY 1,011-1,088 million, representing a year-on-year increase of 165-185% [5][7].