非银金融行业周报：中长期资金入市战略定位持续升级，预计下阶段险资将扮演关键角色

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, particularly highlighting the role of insurance capital in the market [2]. Core Insights - The report emphasizes the ongoing upgrade of medium to long-term capital market strategies, with insurance capital expected to play a crucial role in the upcoming phase [2]. - It identifies a significant acceleration in equity transfers among small and medium-sized brokerages amid a wave of mergers and acquisitions, indicating a favorable environment for investment in this sector [2]. - The report notes a recovery in IPO activities, particularly in the Sci-Tech Innovation Board, reflecting regulatory support for new productive forces and a commitment to enhancing market quality [2]. - The cross-border wealth management initiative is set to expand, with 14 brokerages preparing to pilot new businesses, which could create new performance growth avenues [2]. - The report highlights that the average daily stock trading volume in the Shanghai and Shenzhen markets remains robust, supporting market risk appetite [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 33,916.58 with a weekly change of +1.32%, while the non-bank index rose by +2.56% [17]. - The brokerage sector index increased by +3.35%, and the insurance sector index saw a modest rise of +0.54% [17]. Non-Bank Financial Insights - The report details that as of November 29, 2024, the average daily stock trading volume was 15,233.59 billion yuan, reflecting a slight decrease of 10.74% week-on-week [27]. - The financing balance as of November 28, 2024, was 18,939.55 billion yuan, showing an increase of 11.4% compared to the end of 2023 [27]. Investment Recommendations - For brokerages, the report recommends focusing on leading institutions benefiting from capital market reforms, such as CITIC Securities and Huatai Securities, as well as those involved in mergers and acquisitions like Guotai Junan [2]. - In the insurance sector, it suggests that incremental capital will have a relatively rigid demand for equity allocation, with companies like New China Life and China Life being highlighted for their potential [2].