金融行业周报：“国君+海通”明确合并细节，险资举牌创新高

Investment Rating - The report maintains an "Outperform" rating for the financial sector [5]. Core Insights - The report highlights significant developments in the securities and insurance sectors, including regulatory changes and high-profile mergers that are reshaping the industry landscape [1][2]. Securities Sector Summary - The China Securities Association is drafting new guidelines to enhance the self-regulation of sponsoring institutions, which is expected to improve the quality of sponsorship services and increase market transparency, thereby boosting investor confidence [15][17]. - The merger between Guotai Junan and Haitong Securities has received approval from the Shanghai State-owned Assets Supervision and Administration Commission, marking a significant consolidation in the industry aimed at creating a leading investment bank [16][17]. - The report suggests focusing on leading brokerages such as CITIC Securities, China Galaxy, and Huatai Securities, as well as those involved in mergers like Guotai Junan and Guolian Securities [17]. Insurance Sector Summary - Insurance capital has reached a four-year high in shareholding activities, with seven insurance companies conducting 24 shareholding actions on 16 listed companies, indicating a preference for mature and profitable investment targets [2][41]. - The development of commercial pension insurance is accelerating, supported by regulatory initiatives aimed at enhancing the third pillar of the pension system, which is expected to create substantial long-term capital for the insurance industry [42][44]. - The report recommends focusing on major insurance companies such as China Pacific Insurance, Ping An Insurance, New China Life, and China Life Insurance due to their potential for premium income growth and new business value [44].