非银金融行业周报：券商并购重组持续推进，预计后续增量政策将进一步提振市场信心

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial industry [1]. Core Insights - The report highlights ongoing mergers and acquisitions in the brokerage sector, which are expected to enhance market confidence through subsequent incremental policies [1]. - The average daily stock trading volume increased to 17,247.90 billion, up 13.22% week-on-week, indicating a rise in market activity [1][29]. - The report anticipates that the insurance sector will see significant policy developments in 2025, with a focus on reform and risk management [1]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,973.14 with a weekly change of +1.4%, while the non-bank index rose by +2.9% to 1,984.98 [13]. - The brokerage sector index increased by +2.4%, and the insurance sector index rose by +4.1% [13]. Brokerage Sector Insights - The report notes that the brokerage sector is experiencing active mergers, with Guosen Securities planning to acquire 96.08% of Wanhua Securities for a transaction value of 5.192 billion [1]. - The report suggests that the consolidation of brokerages under the same controlling entity is likely to optimize competition and increase industry concentration [1]. Insurance Sector Insights - The report indicates that major insurance companies are increasing their stakes in brokerage firms, with New China Life and China Pacific Insurance making significant investments [1]. - The report emphasizes the importance of regulatory guidance in promoting mergers and acquisitions within the insurance sector, particularly for smaller firms [1]. Investment Recommendations - For the brokerage sector, 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 and Haitong Securities [1]. - In the insurance sector, the report recommends major players like New China Life, China Ping An, and China Pacific Insurance, anticipating a rise in industry concentration and opportunities for growth [1].