非银行业2024年三季报综述：投资驱动业绩增长，看好非银配置机会

Investment Rating - The report assigns "Buy" ratings to China Pacific Insurance and "Hold" ratings to China Life, Ping An, Huatai Securities, CITIC Securities, and Zheshang Securities [1]. Core Insights - The insurance sector shows a significant increase in new business value (NBV) and net profit driven by improved investment performance and a recovery in premium growth [3][4]. - Regulatory changes are aimed at reducing liability costs and promoting high-quality development within the insurance industry [21][22]. - The report emphasizes the potential for valuation recovery in the insurance sector, supported by favorable macroeconomic policies and market conditions [4][19]. Summary by Sections Macroeconomic Overview - The macroeconomic environment showed slight weakening in Q3 2024, but supportive policies for economic and capital market development are expected to bolster the non-bank financial sector [11][12]. Insurance Sector - The insurance sector experienced high growth in NBV, with significant increases in new business driven by improved pricing and sales [3][17]. - The asset side benefited from rising equity and bond market valuations, leading to improved total investment returns [18][19]. - The report highlights that the net profit growth for major insurers was substantial, with China Life reporting a 173.9% increase year-on-year [19]. Regulatory Environment - Recent regulatory measures aim to lower preset interest rates for insurance products and establish a dynamic adjustment mechanism linked to market rates [22][23]. - The "New National Ten Articles" policy outlines a comprehensive framework for the insurance industry's development over the next 5-10 years, focusing on risk prevention and high-quality growth [24]. Securities Sector - The securities industry saw a significant improvement in performance due to increased investment income amid a recovering equity market [5]. - The report notes that the profitability of securities firms is increasingly reliant on investment business, with a focus on mergers and acquisitions to enhance competitiveness [5][6].