综合金融服务行业周报：政策密集推进，看好业绩和估值持续提升

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights a significant recovery in capital market activity, with a focus on the advantages of leading brokerage firms and the positive outlook for the insurance sector due to ongoing policy support [1][2] - The insurance industry is expected to see improvements in both liability and asset sides, with a notable increase in net profits for listed insurance companies in Q3 2024 [1][13] - The report recommends key companies such as China Pacific Insurance, China Life, CITIC Securities, and Huatai Securities [1][12] Summary by Sections Market Performance - From October 14 to October 18, 2024, the insurance, securities, and diversified financial sectors outperformed the CSI 300 index, with the securities sector rising by 3.63%, diversified finance by 2.23%, and insurance by 1.31% [2] - Year-to-date performance as of October 18, 2024, shows the insurance sector up by 52.89%, securities by 29.46%, and diversified finance by 27.73%, all outperforming the CSI 300 index which is up by 14.40% [3] Securities Sector - In October 2024, daily average trading volume for stock funds reached 21,006 billion yuan, a year-on-year increase of 129.13% and a month-on-month increase of 70.30% [5] - The report notes that the securities sector is expected to benefit from favorable policies and a recovering capital market, with a recommendation for investors to focus on quality brokerage firms [11][12] Insurance Sector - Listed insurance companies reported significant increases in net profits for Q3 2024, with China Life, New China Life, and others showing year-on-year growth rates of 185%-206% [13][15] - The report indicates that the insurance sector's valuation is currently at historical lows, ranging from 0.51 to 0.91 times 2024 EP/EV, maintaining an "Outperform the Market" rating [1][19] Diversified Finance - The trust industry is transitioning towards a more stable development phase, with trust assets reaching 23.92 trillion yuan by the end of 2023, a year-on-year increase of 13.18% [24] - The futures market continues to maintain high transaction volumes, indicating a potential area for future growth [23]