非银行业周报（2024年第四十期）：券商并购重组持续加速

Investment Rating - The industry investment rating is "Accumulate," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [2][85]. Core Views - The non-bank financial sector is experiencing accelerated mergers and acquisitions, particularly among brokerage firms, which is expected to enhance overall competitiveness and resource allocation within the industry [7][67]. - The brokerage sector has seen a decline of 2.89% in the index, underperforming compared to the CSI 300 index by 0.29 percentage points [7]. - Recent announcements from Guotai Junan and Haitong Securities regarding their merger and restructuring plans have received approval from the Shanghai State-owned Assets Supervision and Administration Commission, with a fundraising target of up to 10 billion yuan to support the merger [7][67]. - The insurance sector has also faced challenges, with a 4.89% decline in the index, underperforming the CSI 300 index by 2.29 percentage points [7]. Summary by Sections Brokerage Weekly Data Tracking - The average daily trading volume for A-shares was 1,706.4 billion yuan, a decrease of 21.79% week-on-week, indicating reduced market activity [23]. - The brokerage sector's price-to-book (PB) ratio is currently at 1.51, near the 50th percentile of 2020 [7]. Insurance Weekly Data Tracking - As of the end of Q3 2024, the total investment balance of the insurance industry reached 32.15 trillion yuan, reflecting a year-on-year growth of 14.06% [8]. - The annualized financial investment return for the insurance sector was 3.12%, up by 0.2% year-on-year, while the annualized comprehensive investment return surged to 7.16%, an increase of 3.88% [8]. Industry Dynamics - The ongoing trend of mergers and acquisitions in the brokerage sector is expected to increase industry concentration and enhance the competitive landscape, particularly benefiting leading firms and specialized smaller firms [7]. - The insurance sector's asset allocation has shifted, with life insurance companies significantly increasing their stock allocations, while property insurance companies have boosted their investments in securities funds [9].