商并购重组持续升温，带动板块估值修复

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][54]. Core Views - The non-bank financial sector has shown significant performance, with the non-bank index rising by 12.00% and the brokerage index increasing by 15.04% during the week of November 4 to November 8, 2024 [2]. - Mergers and acquisitions in the brokerage sector are gaining momentum, positively impacting the valuation recovery of the sector. Notable transactions include West Securities acquiring a controlling stake in Guorong Securities, which is expected to enhance the company's asset scale and profitability [2][5]. - The insurance sector also performed well, with a 6.67% increase, outperforming the CSI 300 index by 1.16 percentage points. The life insurance companies reported a significant increase in both insurance business income and net profit [6][5]. Summary by Sections Brokerage Sector - The brokerage sector's price-to-book (PB) ratio is currently at 1.64, near the 50th percentile of 2020. The sector has seen a year-to-date increase of 46.35%, with 42 out of 43 listed brokerages experiencing stock price increases this year [2][5]. - The recent merger approvals, such as the one between Guotai Junan and Haitong Securities, are expected to enhance industry competitiveness and resource allocation [5][6]. Insurance Sector - Life insurance companies reported a total insurance business income of CNY 28,575.31 billion, a year-on-year increase of 8.6%, and a net profit of CNY 2,846.74 billion, up 135% year-on-year [6][44]. - The total assets of insurance companies reached CNY 34.13 trillion as of August 2024, with a year-on-year growth of 16.31% [42][44]. Market Dynamics - The average daily trading volume of A-shares was CNY 23,987 billion, reflecting a week-on-week increase of 14.86%, indicating a rise in market activity [29]. - The brokerage sector's financing scale for equity reached CNY 2,522.38 billion in 2024, with IPOs contributing CNY 538 billion [31]. Investment Recommendations - The report suggests focusing on brokerage firms involved in mergers and acquisitions, such as Guotai Junan and Zhongxin Securities, as well as strong players like CITIC Securities and Huatai Securities [5][6].