非银金融行业周报：市值管理进入新时代，IPO审核加速恢复，看好非银板块配置价值

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, highlighting its configuration value [1]. Core Viewpoints - The release of the "Guidelines for the Management of Market Value" by the CSRC is seen as a significant step towards enhancing the quality of listed companies and protecting investor interests [1]. - The acceleration of IPO approvals reflects a positive regulatory attitude towards improving the listing environment and the healthy development of the capital market [1]. - The insurance sector is entering a new era of market value management, with an emphasis on increasing dividend frequency and optimizing dividend rates [1]. Summary by Sections Market Review - The CSI 300 Index closed at 3,968.83 with a decline of 3.29% during the week of November 11-15, 2024. The non-bank index fell by 7.65%, with specific declines in brokerage, insurance, and diversified finance sectors of 8.05%, 6.42%, and 8.76% respectively [15][22]. Non-Bank Financial News - The CSRC issued the "Guidelines for the Management of Market Value" on November 15, 2024, requiring listed companies to enhance operational efficiency and profitability while utilizing various strategies to reflect their investment value [28]. - The report indicates that the average daily stock trading volume in the Shanghai and Shenzhen markets was 21,824.77 billion yuan, showing a decrease of 9.03% week-on-week, but an increase of 11.69% year-on-year [27][22]. Investment Analysis - For brokerages, the report suggests focusing on leading institutions benefiting from capital market reforms, recommending companies such as CITIC Securities, China Galaxy, and Huatai Securities [1]. - In the insurance sector, the report highlights the potential for valuation shifts due to increased dividends, recommending companies like Ping An, New China Life, and China Life Insurance [1].