投资银行业与经纪业行业每周一话：市场热度维持高位，看好非银板块景气度上行

Investment Rating - The report maintains a "Positive" investment rating for the non-bank sector, indicating an optimistic outlook for the industry [12]. Core Insights - The report highlights that the insurance sector is facing challenges on the asset side, but there is potential for improvement due to policy stimuli, which may alleviate reallocation pressures and reduce risks associated with industry interest spreads [5][6]. - The brokerage sector is expected to benefit from the recent regulatory guidance aimed at enhancing the investment value of listed companies, with a focus on improving market stability [5][6]. - The report recommends specific brokerage firms such as China Galaxy, Huatai Securities, and CITIC Securities, anticipating an increase in industry concentration and improved risk control metrics [5][6]. Summary by Sections Market Performance - As of November 15, the CSI 300 index decreased by 3.3%, with the non-bank sector experiencing an overall decline, particularly in the securities sector which fell by 7.9% [26][28]. - The average daily trading volume in the two markets was 21,819.67 billion yuan, down 9.04% week-on-week [5][48]. Insurance Sector Analysis - In September 2024, the cumulative premium income reached 47,945 billion yuan, reflecting a year-on-year increase of 12.74%, although the growth rate has slowed [30][36]. - The report notes that the asset allocation of insurance funds is stable, with a significant portion in bonds and stock funds, indicating a cautious yet strategic approach to investment [30][41]. Brokerage Sector Analysis - The report indicates a rebound in equity financing in October, suggesting a recovery in investment banking activities [5][52]. - Margin trading balances increased by 3.31% week-on-week, indicating a positive trend in credit business despite previous risks associated with stock pledges [53]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) issued new guidelines on market value management, which are expected to enhance the investment value of listed companies [5][8].