证券行业深度研究报告：本轮增量政策中非银行业的配置逻辑

Investment Rating - The report suggests a positive outlook for the securities industry, indicating a potential upward movement in valuations and performance for leading brokers and those involved in mergers and acquisitions [2][13]. Core Insights - The securities industry is experiencing a triple resonance of sentiment, policy, and fundamentals, similar to the market conditions in 2014, driven by economic recovery and supportive policies [2][9]. - The report highlights the importance of policy relevance and valuation in stock performance, with a recommendation to focus on leading brokers and those with merger aspirations [13][11]. Summary by Sections 1. Securities - The securities sector is witnessing a significant increase in trading volume, with record highs in market turnover, indicating strong market sentiment [7]. - The report outlines three phases of market performance, emphasizing the need to focus on stocks with low valuations and high policy relevance in the initial phase [11][12]. - Leading brokers such as CITIC Securities, Huatai Securities, and China Galaxy are recommended for investment due to their strong market positions [13]. 2. Insurance - The insurance sector has shown good performance prior to the "924 market," primarily supported by favorable liability-side policies [17]. - The report notes that the current market conditions favor investment returns, particularly for pure life insurance and high elasticity stocks, with significant upside potential in valuations [25]. - Companies like New China Life and China Life are highlighted as attractive investment opportunities due to their strong performance and low valuations [25][24]. 3. Diversified Finance - The diversified finance sector is closely linked to real estate cycles and capital market reforms, with current valuations at historical lows [34]. - Investment opportunities are identified in companies benefiting from capital market recovery and those involved in restructuring and debt resolution [34][33]. 4. Financial Technology - The financial technology sector is driven by capital market performance, with significant valuation increases observed recently [38]. - The report recommends focusing on low-valuation, high-performance stocks in this sector, such as Dongfang Wealth and Dingdian Software, as the market continues to recover [38][39].