非银金融行业周报：首批互换便利落地实施，关注非银三季报业绩情况

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, particularly focusing on the performance of brokers and insurance companies [2][3]. Core Insights - The implementation of the SFISF (Securities, Fund, and Insurance Company Swap Facility) is progressing better than expected, which is anticipated to significantly enhance brokers' financing capabilities [2]. - The third-quarter reports from brokers show a mixed performance, with some companies like Dongfang Caifu experiencing a slight decline in net profit, while others like Shouchuang Securities show substantial growth [2]. - The insurance sector is seeing a positive trend with the introduction of supportive policies aimed at promoting commercial pension insurance, which is expected to reshape the product structure in the industry [3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,956.42 with a weekly change of +0.79%, while the non-bank index closed at 1,885.90 with a change of -0.28% [8]. - Brokers, insurance, and diversified financial sectors reported changes of -0.99%, +0.92%, and +0.93% respectively [8]. Industry Data - As of October 25, 2024, the average daily stock trading volume reached 20,061.69 billion, a significant increase of 151.74% compared to the previous month [12]. - The margin trading balance was reported at 16,588.47 billion, showing a slight decrease from the end of 2023 [12]. Industry News - The first supportive policy for the development of commercial pension insurance was released, indicating a strategic shift in the insurance sector [3][15]. - China Ping An's third-quarter report showed a net profit increase of 36.1% year-on-year, exceeding expectations [20]. Investment Recommendations - For brokers, the report suggests focusing on leading institutions benefiting from capital market reforms, recommending companies like China Galaxy and Huatai Securities [3]. - In the insurance sector, attention is drawn to companies with strong performance in the liability side, such as Xinhua Insurance and China Life [3].