非银金融行业投资策略周报：政策与市场良性互动，关注政策及预期催化下板块行情

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The report emphasizes the positive interaction between policies and the market, highlighting the importance of policy expectations in driving sector performance [1] - The financial market is gradually opening up, with a focus on attracting more foreign financial institutions to enhance market diversity and internationalization [1][9] - The report suggests that the ongoing financial policies will boost social investment confidence and improve the performance of various financial sectors, particularly in securities and insurance [1][8] Summary by Sections 1. Recent Performance - As of November 1, the Shanghai Composite Index rose by 5.51%, the Shenzhen Component Index increased by 6.75%, and the CSI 300 Index gained 5.50% [4] - The CITIC II Securities Index surged by 14.48%, while the CITIC II Insurance Index rose by 6.52% [6] 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report notes that the economy is recovering in phases after a short-term bottoming out, with strong demand for savings-type products benefiting the liability side [7] - The National People's Congress approved a debt resolution plan, which is expected to alleviate local debt crises and support nominal economic recovery, positively impacting insurance stock valuations [8] - Recommendations for insurance stocks include China Pacific Insurance, New China Life, Ping An Insurance, China Taiping, China Life, China Property & Casualty, and AIA [8] (b) Securities - The People's Bank of China is actively promoting the opening of the financial market and enhancing the investment value of A-shares [9] - A series of financial policies have been introduced to boost social investment confidence and improve the operational environment for foreign financial institutions [10] - The report highlights the importance of the Shanghai Stock Exchange's International Investor Conference in enhancing A-share investment value and creating long-term returns for investors [12]