金融周报：银行具备避险高性价比，券商业绩与估值望双升

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, securities, and insurance industries [2][20][22]. Core Insights - The banking sector is expected to see an increase in performance and valuation due to its high dividend yield and stability, making it a focus for institutional investment [2][20]. - The securities sector is anticipated to benefit from increased market activity and favorable policies, leading to improved performance and valuation [3][21]. - The insurance sector has shown strong growth in the first three quarters, with expectations for continued performance driven by favorable market conditions [4][22]. Summary by Sections 1. Market Review - The A-share market experienced fluctuations, with the Shanghai Composite Index rising by 0.79% last week, and the banking index declining by 1.68% year-to-date [7]. - The non-bank financial index increased by 31.54% year-to-date, while the insurance index rose by 46.95% [7]. 2. Key Data Tracking - The average daily trading volume in the A-share market reached 1.9097 trillion yuan, indicating strong market activity [9]. - The margin trading balance increased to 1.6641 trillion yuan, reflecting a 3.30% weekly growth, showing strong investor leverage interest [9]. - Public fund size reached 32.07 trillion yuan by the end of September, with a month-on-month growth of 3.77% [9]. 3. Industry Dynamics Tracking - The People's Bank of China conducted its first operation of swap convenience for securities, funds, and insurance companies, with an operation amount of 50 billion yuan [18]. - Major commercial banks have adjusted existing mortgage rates down to LPR-30BP, potentially saving 150 billion yuan in interest for households [19]. 4. Investment Recommendations - For the banking sector, focus on state-owned banks with high dividend stability and city commercial banks with improved asset quality [20]. - In the securities sector, attention is drawn to leading firms like Guolian Securities and Zheshang Securities, which are expected to benefit from favorable policies [21]. - The insurance sector highlights companies like China Ping An and New China Life, which are positioned to gain from improved fundamentals and asset prices [22].