非银金融行业投资策略周报：并购重组红利持续释放，资本市场积极赋能新质生产力

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The report highlights that the policy dividends are continuously being released, and mergers and acquisitions (M&A) are accelerating. The optimization of the M&A system and the introduction of supportive policies are expected to enhance the capital market's role in economic transformation and high-quality development [2][25][26]. Summary by Sections 1. Market Performance - As of November 29, the Shanghai Composite Index was at 3326.46 points, up 1.81%, while the Shenzhen Component Index was at 10611.72 points, up 1.66%. The CSI 300 Index rose by 1.32% to 3916.58 points, and the ChiNext Index increased by 2.23% to 2224.00 points [19]. 2. Industry Dynamics and Weekly Review (a) Insurance - The report notes that the insurance sector is benefiting from regulatory improvements in agricultural insurance claims processes, which enhance farmers' sense of gain and promote premium growth. The gradual introduction of growth-stabilizing policies is expected to support long-term interest rates and equity markets, maintaining high profit growth for the year [25][21]. - The regulatory body has issued guidelines to improve the precision of agricultural insurance underwriting and claims, which is anticipated to expand the growth space for agricultural insurance [25][21]. (b) Securities - The report emphasizes that the continuous release of policy dividends and the acceleration of M&A activities are crucial for the securities sector. The M&A system has been optimized this year, with significant policy support aimed at enhancing the quality of listed companies and promoting high-quality development through M&A [25][26]. - The report suggests focusing on brokerage firms and securities IT companies due to their high earnings elasticity, recommending stocks such as Dongfang Caifu, Tonghuashun, Huatai Securities, CITIC Securities, Guotai Junan, and others [2][25]. 3. Key Company Recommendations - The report recommends actively monitoring the insurance sector, particularly companies like China Pacific Insurance, China Life, China Taiping, Ping An Insurance, and AIA Group, due to their expected valuation recovery [25]. - For the securities sector, it suggests focusing on companies such as Huatai Securities, CITIC Securities, and Dongfang Caifu, which are expected to benefit from the ongoing M&A activities and policy support [2][25].