非银金融行业投资策略周报：互换便利细则落地，非银机构提升杠杆维稳市场

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The implementation of innovative monetary tools by the central bank is expected to stabilize and activate the capital market, with the average daily trading volume in the Shanghai and Shenzhen markets at 1.7 trillion yuan, a decrease of 35% week-on-week, while the margin balance increased by 0.4% to 1.5929 trillion yuan [1] - The approval of swap convenience for 20 securities and fund companies is anticipated to improve the leverage levels of non-bank institutions and enhance the overall liquidity environment, bringing in incremental funds to the market and increasing market activity [1] - The Hong Kong Securities and Futures Commission and the Stock Exchange have announced an optimization of the IPO approval process, which is expected to enhance Hong Kong's attractiveness as an international financial center [1] Summary by Sections Securities - The central bank's innovative monetary tools are expected to stabilize and invigorate the capital market, with a notable increase in market activity and valuation recovery in the securities industry [1] - The first batch of swap convenience applications has exceeded 200 billion yuan, which will help improve the liquidity environment and attract attention to M&A events [1] - Recommended stocks include Dongfang Caifu, Tonghuashun, Huatai Securities, CITIC Securities, China Galaxy, and others [1] Insurance - The implementation of swap convenience is expected to lead to a recovery in the equity market, benefiting insurance stock valuations due to their beta attributes [1] - Several listed insurance companies have announced significant profit growth for the first three quarters, with China Pacific Insurance expected to report a net profit of 37-39.4 billion yuan, a year-on-year increase of 60-70% [10] - Recommended stocks include China Pacific Insurance, New China Life, Ping An Insurance, China Life, and AIA [1][16] Hong Kong Financials - The report suggests focusing on the Hong Kong Stock Exchange, which is expected to benefit from improved liquidity and policy optimization, as well as on China Aircraft Leasing Group, which is anticipated to see steady growth in asset prices and declining costs on the liability side [1]