非银金融行业投资策略周报：财险二十条改善盈利能力，重视政策利好下非银估值弹性

Investment Rating - The industry investment rating is "Buy" [6] Core Viewpoints - The report emphasizes that the introduction of the "Twenty Measures" for property insurance will enhance industry concentration, improve long-term profitability, and expand premium growth space. The gradual implementation of stable growth policies is expected to stabilize long-term interest rates and support a recovery in the equity market, benefiting overall profit growth [24][19][22]. Summary by Sections Industry Performance - As of December 6, the Shanghai Composite Index rose by 2.33%, and the CSI 300 Index increased by 1.44%. The insurance index saw a significant increase of 4.09% [17]. Industry Dynamics and Weekly Commentary - The report discusses the positive impact of the "Twenty Measures" on the property insurance sector, which aims to enhance premium growth and profitability. The measures encourage mergers and acquisitions, optimize pricing mechanisms, and promote new insurance products, thereby expanding the premium growth space [19][21][24]. Insurance Sector Insights - The report highlights that the property insurance sector is benefiting from strong demand for savings products, with regulatory support leading to improved profitability and premium growth. The CR3 market share of the top three property insurers is 63.8%, indicating significant market concentration [19][24]. Securities Sector Insights - The report notes that the upcoming "Securities Company Consolidated Management Guidelines" will enhance risk management capabilities within the securities industry. The average daily trading volume in the Shanghai and Shenzhen markets increased by 11% week-on-week, indicating a healthy market environment [6][25][26]. Stock Recommendations - The report recommends focusing on specific companies within the insurance sector, including China Pacific Insurance (A/H), China Life Insurance (A/H), China Taiping Insurance (H), China Ping An (A/H), China Property & Casualty Insurance (H), New China Life Insurance (A/H), and AIA Group (H) [2][24].