非银金融行业2024三季报点评：非银金融行业三季报业绩亮眼，未来可期

Investment Rating - The investment rating for the non-bank financial industry is "Positive" [3] Core Insights - The non-bank financial industry reported strong performance in Q3 2024, with total revenue reaching 26,933 billion yuan, a year-on-year decrease of 2.9%, while net profit attributable to shareholders increased by 51.7% to 4,508 billion yuan [3][12] - In Q3 2024 alone, total revenue was 10,262 billion yuan, representing a 29.1% increase compared to Q3 2023 and a 20.1% increase from Q2 2024. Net profit for the quarter was 1,967 billion yuan, up 232.8% year-on-year and 47.9% quarter-on-quarter [3][12] Summary by Sections 1. Prominent Structure of Securities and Insurance - The insurance sector accounted for 80.1% of total revenue and 77.0% of net profit in the non-bank financial industry, while the securities sector contributed 13.8% to revenue and 19.2% to net profit [10] 2. Recovery of Capital Markets and Securities Performance - Recent policies aimed at lowering reserve requirements and interest rates have positively impacted market liquidity and consumer demand, leading to a significant increase in trading activity. The average daily trading volume in September reached 7,930 billion yuan, up from 5,941 billion yuan in August, and further increased to 19,798 billion yuan in October [4][18] 3. Improvement in Asset Side and Long-term Performance of Insurance Companies - The five major listed insurance companies reported total revenue of 20,897 billion yuan in the first three quarters of 2024, a slight decrease of 2.8%, but net profit surged by 103% to 3,190 billion yuan. In Q3 2024, revenue was 8,179 billion yuan, up 35.6% year-on-year, and net profit was 1,404 billion yuan, up 509.5% year-on-year [24][26]