投资银行业与经纪业行业每周一话：持续完善资本市场制度建设，看好非银板块景气度上行

Investment Rating - The report maintains a "Positive" investment rating for the non-bank sector, particularly for the brokerage segment [11]. Core Insights - The continuous improvement of capital market system construction is expected to enhance the prosperity of the non-bank sector [5]. - The insurance sector is poised for high-quality development due to new regulations aimed at improving risk management and asset quality [6]. - The brokerage industry is likely to benefit from supply-side reforms, leading to increased concentration among leading firms and improved risk control indicators [5][6]. Summary by Sections Market Performance - As of November 29, the CSI 300 index increased by 1.3%, while the non-bank sector saw a slight rise, with the securities sector up by 3.2% and the insurance sector up by 0.6% [24]. Insurance Sector Overview - In September 2024, the cumulative premium income reached 47,945 billion, reflecting a year-on-year growth of 12.74%, although the growth rate has slowed [27]. - The insurance asset allocation remains stable, with a total asset scale of 35.02 trillion as of October 2024, showing a slight increase [32]. Brokerage Sector Overview - The average daily trading volume in the two markets was 15,230.85 billion, down 10.74% week-on-week, indicating a slight decline in trading activity [5][45]. - The brokerage industry is expected to see a gradual recovery in profitability as commission rates stabilize [45]. Regulatory Developments - The China Banking and Insurance Regulatory Commission (CBIRC) issued the "Interim Measures for the Risk Classification of Insurance Assets," which will guide insurance institutions in enhancing risk management [6]. - The Shanghai and Shenzhen Stock Exchanges released guidelines for the regular reporting of REITs, further refining the capital market's regulatory framework [5].