非银金融行业周报：市值管理指引落地，险资举牌完善长期资金资负匹配

Investment Rating - The industry investment rating is "Overweight" [3] Core Views - The report highlights a significant decline in the non-bank financial index, which fell by 7.6% last week, underperforming the CSI 300 by 4.3 percentage points. Both brokerage and insurance indices experienced synchronized declines of -8.05% and -6.42%, respectively [4][14] - The report emphasizes the importance of the newly released market value management guidelines, which are expected to enhance the long-term capital allocation and governance of companies in the sector [4][5] - Insurance companies are facing pressure on premium growth due to earlier demand releases, but there is optimism regarding the introduction of new pricing products and strategies that could improve future sales [5][6] Summary by Sections 1. Market Review - The non-bank financial index dropped by 7.6%, with the brokerage index down by 8.1% and the insurance index down by 6.4%. The average daily trading volume for stock funds was 24,226 billion yuan, a decrease of 9.3% week-on-week [4][14][26] 2. Market Data Tracking - The margin trading balance reached 1.84 trillion yuan, increasing by 1.7% week-on-week. The stock pledge market value was 2.87 trillion yuan, down by 5.1% [26] 3. Industry News - The China Securities Regulatory Commission released the official version of the market value management guidelines, which encourages companies to enhance their governance and operational efficiency. This is expected to positively impact the capital market's attractiveness [4][5] - Insurance companies are adapting to market changes, with significant movements such as New China Life's stake acquisition in pharmaceutical companies, which aligns with long-term capital market strategies [5][6]