非银金融行业跟踪周报：防风险、促高质量发展，继续看好保险

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The non-bank financial sector has shown strong performance recently, with the insurance sector leading with a 4.13% increase over the last five trading days, outperforming the CSI 300 index [14]. - The insurance industry is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [60]. - The securities sector is experiencing a significant increase in trading volume, with a notable rise in margin financing balances, indicating a positive market environment [23][28]. - The multi-financial sector is transitioning into a stable growth phase, with trust assets showing a significant increase, although overall profitability remains under pressure [39][42]. Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - Over the last five trading days, the insurance sector increased by 4.13%, multi-financial by 2.55%, and securities by 2.40%, while the overall non-bank financial sector rose by 2.86% [14]. - Year-to-date, the insurance sector has risen by 48.77%, multi-financial by 41.26%, and securities by 39.35%, all outperforming the CSI 300 index which increased by 15.80% [17]. 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with an average trading amount of 1,888.1 billion yuan in December 2024, up 111.75% year-on-year [23]. - The average valuation for the securities sector is currently 1.6x 2024 EP/B, with recommendations for leading firms like CITIC Securities and Huatai Securities [28]. 2.2 Insurance - The insurance sector is seeing improvements on both the liability and asset sides, with a current valuation of 0.53-0.93 times 2024 EP/EV, indicating a historical low [37]. - The Financial Regulatory Authority has issued guidelines to enhance risk management and promote high-quality development in the insurance sector [29]. 2.3 Multi-Financial - The trust industry has seen a significant increase in asset scale, reaching 27 trillion yuan, a 24.5% year-on-year growth [39]. - The futures market has maintained high transaction volumes, with October 2024 seeing a 28.15% increase in transaction volume year-on-year [49]. 3. Industry Ranking and Key Company Recommendations - The recommended ranking for investment is insurance > securities > other multi-financial sectors, with key recommendations including China Pacific Insurance, China Life, CITIC Securities, Huatai Securities, and CICC [60].