非银金融行业：业绩持续修复提升吸引力，建议关注非银板块

Investment Rating - The industry investment rating is "Buy" [1] Core Views - The non-bank financial sector shows continuous performance recovery, enhancing its attractiveness, particularly in the securities and insurance segments [2] - The securities sector is experiencing reforms that enhance market vitality, with significant trading volume and a positive outlook for brokerages [2][11] - The insurance sector has reported better-than-expected earnings, with substantial profit growth in Q3, driven by favorable market conditions [2][10] Summary by Sections 1. Industry Performance - As of November 1, the Shanghai Composite Index was at 3272.01 points, down 0.84%, while the Shenzhen Component Index fell 1.55% [7] 2. Industry Dynamics and Weekly Review (a) Insurance - The insurance sector is benefiting from strong demand for savings products, with Q3 profits doubling year-on-year for major companies [10] - The central bank's reverse repo operations are expected to support the equity market and long-term interest rates, leading to a potential rise in insurance stock valuations [10] - Key companies to watch include China Pacific Insurance, New China Life, Ping An, China Life, and China Property & Casualty [10] (b) Securities - In the first three quarters of 2024, 43 listed brokerages reported a net profit of 102.8 billion CNY, a 6% year-on-year decline, but Q3 showed a 41% increase compared to the previous year [11][13] - The launch of the "Cross-border Wealth Management Connect" program is expected to enhance the competitiveness of participating brokerages and improve service for investors [14][16] - The revised regulations lowering foreign investment thresholds are anticipated to attract more foreign capital into the market [19][20] 3. Key Company Valuations and Financial Analysis - Major companies in the insurance sector, such as China Life and Ping An, have shown significant profit growth, with year-on-year increases of 10760% and 151.3% respectively for Q3 [10] - In the securities sector, companies like Huatai Securities and CITIC Securities are rated as "Buy," with expected price increases over the next 12 months [5][6]