非银金融行业数据周报：交投活跃度上行，券商板块估值提升明显

Investment Rating - The report maintains a "Recommended" rating for the non-bank financial industry, highlighting an increase in trading activity and a significant rise in brokerage sector valuations [1]. Core Insights - The brokerage index increased by 0.48%, outperforming the market by 2.16 percentage points, with a three-year PB valuation percentile of 85.1%. Conversely, the insurance index fell by 3.1%, underperforming the market by 1.4 percentage points, with a three-year PB valuation percentile of 97.4% [1]. - The average daily trading volume in the market reached 20,885 billion yuan, a 9.4% increase from the previous week. The margin balance was 1.7 trillion yuan, up 2.7% week-on-week [1]. - The report emphasizes the performance of key companies, with specific recommendations for investment based on their earnings forecasts and valuations [1][2]. Summary by Sections Market Overview - The report notes that the brokerage sector outperformed the market, with notable stock performances from Huatai (+3.0%) and CITIC (+1.6%), while several others experienced declines [1]. - The insurance sector saw significant declines in individual stocks, with China Pacific Insurance down 13.6% and China Life down 3.2% [1]. Key Company Earnings Forecasts - China Pacific Insurance is forecasted to have an EPS of 4.41 yuan for 2024, with a PE ratio of 8.32 and a PB of 1.28, maintaining a "Recommended" rating [2]. - China Life is expected to have an EPS of 3.86 yuan for 2024, with a PE ratio of 11.01 and a PB of 2.21, also rated as "Recommended" [2]. - New China Life is projected to have an EPS of 7.88 yuan for 2024, with a PE ratio of 6.06 and a PB of 1.20, maintaining a "Recommended" rating [2]. Industry Data - The total market capitalization of the non-bank financial sector is reported at 52,964.03 billion yuan, with a circulating market value of 39,161.16 billion yuan [3]. - The report highlights a 7.2% year-on-year growth in original insurance premium income, amounting to 47,945.35 billion yuan for the first nine months of the year [10]. Important Industry News - The People's Bank of China conducted a 7-day reverse repurchase operation of 382.8 billion yuan at an interest rate of 1.50% to maintain liquidity [9]. - The report mentions the release of insurance industry data by the Financial Supervisory Administration, indicating a growth in premium income for both life and property insurance sectors [10]. Recommendations - The report suggests a focus on specific companies within the brokerage sector, including CITIC, Huatai, and others, while also recommending key insurance companies such as China Pacific Insurance and China Life for investment [1][2].