非银金融行业周报：三季报业绩超预期，关注非银板块景气度回升

Investment Ratings - Key companies in the insurance sector have been rated as follows: China Pacific Insurance (Buy), Ping An Insurance (Hold), New China Life Insurance (Hold), China Life Insurance (Hold), Jiangsu Jinzheng (Hold), Dongfang Caifu (Hold), CITIC Securities (Hold), Ruida Futures (Hold), Zheshang Securities (Hold), and Guolian Securities (Hold) [2] Core Insights - The insurance sector has shown a rebound in premium income, with life insurance maintaining high growth and property insurance recovering, although cost pressures are rising. The investment side has significantly improved, leading to notable net profit growth [3][21] - The overall premium income for the insurance industry reached CNY 47,945.35 billion, with a year-on-year increase of 12.74%. Life insurance income was CNY 37,100.65 billion, up 15.52%, while property insurance income was CNY 10,844.70 billion, up 4.16% [24] - The report recommends continued investment in the insurance sector, highlighting the potential for value growth in listed insurance companies due to favorable policies and market conditions [3][21] Summary by Sections Insurance Sector Performance - The insurance sector's valuation has adjusted following the release of Q3 earnings, with a decrease of 3.03% in the insurance index, underperforming the CSI 300 index by 1.35 percentage points [3] - The net investment yield for major insurers improved significantly, with New China Life at 6.80%, China Pacific at 6.27%, and China Life at 5.38% [3][21] Key Company Performance - China Life Insurance reported a net profit increase of 173.9% year-on-year, while New China Life and PICC Life reported increases of 116.7% and 77.2%, respectively [3] - The premium income growth for life insurance companies in the first nine months of 2024 was led by Ping An (+10.2%), followed by PICC Life (+5.9%) and China Life (+5.1%) [21][23] Securities Sector Performance - The securities sector saw a 0.52% increase in the securities index, outperforming the CSI 300 index by 2.20 percentage points. The total operating income for 43 listed securities firms was CNY 3,714.28 billion, with a net profit of CNY 1,034.49 billion [3][10] - The report emphasizes the importance of selecting stocks with expansion opportunities and long-term growth potential, recommending companies like Tonghuashun and Huatai Securities [3][21]