综合金融服务行业周报：保险、券商单季利润分别+565%、39%

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - Since September 24, 2024, the capital market activity has significantly increased, with ongoing reforms benefiting leading brokerages. The insurance sector is expected to see long-term growth in the health and wellness industry, while the low yield on ten-year government bonds may ease investment pressures for insurance companies if economic expectations improve [5][20] - The report recommends companies such as China Pacific Insurance, China Life, CITIC Securities, and Huatai Securities [5][19] Summary by Sections Recent Performance of Non-Bank Financial Sub-Industries - In the recent five trading days (October 27 - November 1, 2024), the securities and diversified financial sectors outperformed the CSI 300 index, while the insurance sector underperformed. The diversified financial sector rose by 10.53%, the securities sector by 0.48%, and the insurance sector fell by 3.08% [7][8] Securities Sector - October 2024 saw a significant increase in trading volume, with the average daily trading amount for stock funds reaching 22,370 billion yuan, a year-on-year increase of 144% and a month-on-month increase of 145%. The margin financing balance was 17,089 billion yuan, up 4.54% year-on-year [11][14] - The third-quarter reports of listed brokerages showed a substantial narrowing of net profit declines, with a total operating income of 397.7 billion yuan, a year-on-year decrease of 3%. The net profit for the first three quarters was 112.4 billion yuan, down 6% year-on-year [14][16] - Public funds increased their holdings in the brokerage sector, with the sector's share in public fund stock investments rising to 0.62% by the end of Q3 2024, an increase of 0.35 percentage points from mid-2024 [14][18] Insurance Sector - The insurance sector's net profit surged by 80.9% year-on-year in the first three quarters of 2024, with a quarterly increase of 5.7 times. Major companies like China Life, New China Life, and China Pacific Insurance reported significant profit growth [20][23] - The new business value (NBV) for life insurance in Q3 showed high growth, with major companies reporting year-on-year increases of 25% to 114% [20][22] - The sector's valuation remains low, with estimates ranging from 0.49 to 0.89 times 2024 EP/EV, maintaining an "Outperform the Market" rating [5][20] Diversified Financial Sector - The trust industry reported a year-end asset scale of 23.92 trillion yuan, a year-on-year increase of 13.18%. The operating income for the trust industry was 86.4 billion yuan, up 2.96% year-on-year [5] - The futures market saw a trading volume of 794 million contracts in September 2024, with a transaction value of 53.69 trillion yuan, reflecting year-on-year increases of 6.39% and 4.29%, respectively [5]