非银行业周报：市值管理指引落地，助力资本市场高质量发展

Investment Rating - The report assigns the following investment ratings to key companies: China Pacific Insurance (Buy), Ping An Insurance (Hold), New China Life Insurance (Hold), China Life Insurance (Hold), Jiangsu Jinzu (Hold), Dongfang Caifu (Hold), CITIC Securities (Hold), Ruida Futures (Hold), Zheshang Securities (Hold), and Guolian Securities (Hold) [4]. Core Insights - The report highlights that the recent issuance of the "Guidance on Market Value Management for Listed Companies" by the CSRC is expected to enhance investor confidence and improve the capital market ecosystem [5]. - The report indicates that the stock price trends of brokerage stocks are influenced by market and regulatory cycles, with a current upward trend expected due to supportive regulatory policies and a decrease in real risk-free rates [5]. - The report recommends focusing on companies with expansion opportunities in valuation and those with long-term profit growth potential, particularly in the context of mergers and acquisitions [5]. Summary by Sections 1. Index and Sector Performance - From November 11 to November 15, 2024, the CSI 300 Index, Small Cap 100 Index, and ChiNext Index experienced declines of -3.29%, -3.25%, and -3.36% respectively. The securities sector and insurance sector saw declines of -8.05% and -6.42% respectively [22]. 2. Insurance Weekly Data Tracking 2.1 Asset Trends - The report notes a decrease in the yield of 10-year government bonds, with the yield at 2.09% as of November 15, 2024, down by 0.98 basis points [25]. 2.2 Liability Trends - The report presents data on insurance premium income, indicating a slowdown in the growth of life insurance premiums and a slight recovery in property insurance premiums. For the first ten months of 2024, Ping An's premium income grew by 9.4%, while China Life and China Pacific Insurance saw growth rates of 4.9% and 2.4% respectively [37][39]. 3. Key Company Announcements & Industry News - The report mentions that the CSRC has officially released the "Guidance on Market Value Management for Listed Companies," which is expected to support high-quality development in the capital market [9]. 4. Investment Recommendations - The report suggests a positive outlook for the insurance sector, with expectations of improved investment performance as the equity market recovers. It recommends focusing on companies with stable liabilities and high asset flexibility, such as China Life, Ping An, and China Pacific Insurance [6][39].