金融行业周报：区间震荡，波段占优

Investment Rating - The report maintains an "Outperform" rating for the financial sector [6]. Core Insights - The November PMI index stands at 50.3%, reflecting a month-on-month increase of 0.2 percentage points, indicating continued expansion in the economy [1]. - The non-bank financial index and securities index outperformed major indices, with increases of 2.38% and 2.98% respectively [1]. - The financial technology ETF saw a significant rise of 8.55%, suggesting strong performance in this sector [1]. - The report emphasizes a preference for tactical trading in the non-bank sector until performance improvements are observed, highlighting the resilience of the financial technology sector [1]. Summary by Sections Securities Overview - The introduction of new regulations for margin trading aims to guide the stable development of the industry and enhance transparency in the listing review process [2][18]. - The new guidelines are expected to improve compliance, transparency, and risk management capabilities across the industry, promoting fair competition and high-quality development of margin trading [2][18]. Insurance Overview - The commercial health insurance sector is poised for new opportunities as policies are being developed to enhance the integration of health insurance data with commercial insurance companies [3][43]. - The government is pushing for improvements in agricultural insurance, focusing on precise underwriting and claims processes to enhance farmer satisfaction [3][44]. Market Liquidity Tracking - The central bank's net injection in the open market was 13,341.30 billion yuan, with various instruments contributing to this liquidity [59]. - The report notes a decrease in average daily trading volume in A-shares by 9.01% compared to the previous week [22]. Industry News - The Hong Kong Stock Exchange is collaborating with domestic exchanges to optimize the mutual market access mechanism, facilitating faster approvals for A-share companies seeking to list in Hong Kong [80]. - New regulations are being introduced to enhance the continuous supervision of securities companies, addressing the tendency to prioritize initial public offerings over ongoing oversight [81].