非银行业周观点：前期政策落地致市场企稳，相对低估的非银金融板块望走的更稳

Investment Rating - The industry investment rating is "Outperform the Market" with an expectation of overall industry performance surpassing the market in the next six months [16]. Core Insights - The non-bank financial sector is expected to stabilize and potentially outperform due to recent policy implementations and market sentiment improvements [2][6]. - The insurance sector is showing signs of recovery with positive earnings forecasts from major companies, indicating a potential for valuation rebound [7][8]. - The brokerage sector remains relatively undervalued and is seen as a key driver for market stability and further breakthroughs, with expectations for increased M&A activity [6][11]. Summary by Sections 1. Main Views - The market is influenced by various factors including policy measures, currency fluctuations, and expectations of U.S. interest rate cuts, leading to increased trading volumes and market volatility [5][6]. - The recent implementation of swap convenience policies and other supportive measures by the central bank is expected to enhance market confidence and stabilize the capital market [5][6]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently at a historically low valuation, presenting opportunities for valuation recovery. Key stocks recommended include China Ping An, China Pacific Insurance, and New China Life Insurance, all showing strong earnings forecasts [8][11]. 2.2 Brokerage Sector - Focus on mid-sized brokerage firms benefiting from market conditions, such as East Money Information and Zhejiang Securities. Additionally, large brokerage firms like Huatai Securities and China Galaxy Securities are highlighted for their potential in M&A and valuation recovery [11][12].