非银金融行业周报：险资运用政策再完善，继续推荐板块配置

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance and "Hold" ratings for China Ping An, New China Life, China Life, Jiangsu Jinzu, Dongfang Caifu, CITIC Securities, Ruida Futures, Zheshang Securities, and Guolian Securities [3]. Core Insights - The insurance sector has seen a slight recovery in valuation driven by a rebound in the equity market, with the insurance II index rising by 0.54% [4]. - The report highlights the release of the "Interim Measures for the Classification of Insurance Asset Risks," which expands the scope of asset risk classification and aims to enhance risk management for insurance companies [4]. - The report recommends continued allocation to the insurance sector, anticipating improved investment performance as economic stabilization policies take effect [4]. Summary by Sections Insurance Industry - The insurance sector's valuation has slightly improved, with the insurance II index increasing by 0.54% [4]. - The new regulatory measures are expected to provide comprehensive guidance for asset risk identification and management, potentially impacting the solvency indicators of smaller insurance companies in the short term [4]. - The report forecasts that listed insurance companies will achieve positive value growth in 2025, supported by a recovery in the equity market and a reduction in pricing interest rates [4]. Securities Industry - The report notes that the securities sector has benefited from regulatory changes aimed at enhancing the quality of financial advisory services, which is expected to improve the operational quality of securities firms [4]. - The report emphasizes that the stock price movements of brokerage firms are influenced by market cycles and regulatory policies, with a current focus on the head effect in the industry [4]. - It identifies two main investment themes: companies with expansion opportunities in valuation and those with long-term profit growth potential through mergers and acquisitions [4]. Key Company Announcements & Industry News - China Insurance has successfully issued 12 billion RMB in capital replenishment bonds in the national interbank bond market [4]. - The financial regulatory authority has issued the "Interim Measures for the Classification of Insurance Asset Risks," which is a significant development for the insurance industry [4].