非银周观点：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 is rated as "Outperforming the Market" with expectations of overall performance surpassing the market in the next six months [16]. Core Viewpoints - The non-bank financial sector is expected to stabilize and potentially outperform due to recent policy implementations and market conditions [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 [6][11]. Summary by Sections 1. Main Viewpoints - The market has been positively influenced by the implementation of swap convenience policies and expectations of U.S. interest rate cuts, leading to increased trading volumes and market optimism [5][6]. - The insurance sector is benefiting from new policies and strong earnings forecasts, particularly from companies like New China Life and China Pacific Insurance, which are expected to see significant profit growth [7][8]. - The brokerage sector is highlighted as a critical area for investment, with specific recommendations for companies such as Huatai Securities and China Galaxy Securities, which are expected to benefit from upcoming mergers and acquisitions [11][12]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently at a historically low valuation, presenting opportunities for recovery. Key recommendations include China Ping An, China Pacific Insurance, and New China Life, all of which are expected to report strong earnings growth [8][10]. 2.2 Brokerage Sector - The brokerage sector is divided into three categories: 1. Small to medium-sized firms benefiting from market conditions, with a focus on companies like Dongfang Caifu and Zhejiang Securities [11]. 2. Large firms with diversified revenue streams, such as Huatai Securities and Guotai Junan, which are seen as undervalued [11]. 3. Platform companies like Tonghuashun, which are recommended for their stable operations despite recent profit pressures [11].