非银金融行业投资策略周报：投资端改革深化推进，关注非银板块交易机会

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The report emphasizes the ongoing deepening of investment-side reforms in the capital market, with a focus on the accelerated mergers of leading securities firms. The average daily trading volume in the Shanghai and Shenzhen markets is reported at 1.7 trillion yuan, reflecting a 21.8% decrease month-on-month. The margin balance stands at 1,845.17 billion yuan, showing a slight decrease of 0.06% [2][22] - In the insurance sector, the introduction of standardized claims regulations is expected to enhance public perception of insurance, supporting long-term growth. The gradual rollout of growth-stabilizing policies is likely to benefit long-term interest rates and equity markets, maintaining a high profit growth rate for the year [2][26] - The report suggests focusing on stocks in the securities and insurance sectors, highlighting companies such as Dongfang Caifu, Tonghuashun, Huatai Securities, CITIC Securities, Guotai Junan, and China Pacific Insurance [2][26] Summary by Sections 1. Weekly Performance - As of November 22, the Shanghai Composite Index is at 3,267.19 points, down 1.91%, while the Shenzhen Component Index is at 10,438.72 points, down 2.89% [19] 2. Industry Dynamics and Weekly Commentary (a) Insurance - The insurance sector is experiencing a recovery phase, benefiting from strong demand for savings products. The long-term interest rates are low, and the asset side of insurance is awaiting marginal changes. The introduction of unified service standards for claims is expected to improve public sentiment towards insurance [22][26] (b) Securities - The capital market is advancing steadily, with significant reforms and mergers among leading securities firms. The report highlights the merger between Guotai Junan and Haitong Securities, which is progressing rapidly, with a shareholder meeting scheduled for December [27][32] 3. Key Company Valuations and Financial Analysis - The report provides detailed valuations and financial metrics for key companies in the sector, recommending a "Buy" rating for several firms, including China Ping An, New China Life, and China Pacific Insurance, among others [11][26]