利好政策持续落地，券商估值仍有回升空间

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 [99]. Core Views - The non-bank financial sector is experiencing a downturn, with the non-bank index down 7.65% and the brokerage index down 8.05% during the week of November 11-15, 2024. This performance lags behind the broader market indices [2]. - The China Securities Regulatory Commission (CSRC) has implemented the "Guidelines for Listed Companies' Market Value Management," which aims to enhance company quality and operational efficiency. This is expected to positively impact investor returns and create investment opportunities in long-term undervalued stocks [2][6]. - The report emphasizes the ongoing trend of mergers and acquisitions (M&A) within the brokerage sector, which is seen as a means to enhance industry competitiveness and optimize resource allocation [6]. Summary by Sections Brokerage Weekly Data Tracking - The average daily trading volume for A-shares was 21,820 billion yuan, down 9.04% week-on-week, with a daily turnover rate of 5.22% [29]. - As of November 15, 2024, the total equity financing scale reached 257.39 billion yuan, with IPOs accounting for 54.1 billion yuan [36][38]. - The brokerage asset management sector saw a decline in new product issuance, with 118 new products launched in October, down 21.48% year-on-year [42]. Insurance Weekly Data Tracking - The total original premium income for the five major listed insurance companies in A-shares reached 2.52 trillion yuan from January to October 2024, reflecting a growth of 5.7% [7]. - The report highlights that the insurance sector is facing pressure on the asset side, with the need for careful monitoring of valuation recovery based on market performance [7]. - The total assets of insurance companies reached 34.13 trillion yuan as of August 2024, with a year-on-year increase of 16.31% [61]. Industry Dynamics - The CSRC's new guidelines are expected to lead to a more structured approach to market value management among listed companies, enhancing transparency and investor communication [2][75]. - The report suggests that the ongoing M&A activities in the brokerage sector will likely accelerate, with a focus on key players such as Guotai Junan and Citic Securities [6][79].