非银金融行业点评：政治局会议表态超预期，重视资本市场稳定性，有望催化非银板块基本面

Investment Rating - The report rates the non-bank financial sector as "Overweight," indicating an expectation for the industry to outperform the overall market [10]. Core Insights - The recent Politburo meeting emphasized the importance of stabilizing the capital market, which is expected to catalyze improvements in the fundamentals of the non-bank financial sector [3]. - The meeting's focus on "stabilizing the stock market" is a significant shift, marking the first time this phrase has appeared in the Politburo's communications, suggesting a proactive approach to market support [2]. - The report highlights that the securities sector is likely to benefit significantly from the positive policy signals, with expectations of increased trading activity and improved performance in brokerage and margin financing businesses [2][3]. Summary by Sections Securities Sector - The report notes that since the Politburo meeting, there has been a substantial increase in market activity, with average daily trading volume in the Shanghai and Shenzhen markets reaching 1.95 trillion yuan, a 188% increase compared to the previous quarter [2]. - The margin financing balance as of December 6 was 1.86 trillion yuan, reflecting a 12.9% increase year-to-date and a 29.4% increase from the end of the third quarter [2]. - Key recommendations include focusing on leading institutions benefiting from capital market reforms, such as CITIC Securities, China Galaxy, Huatai Securities, and CICC, as well as brokerage firms involved in mergers and acquisitions like Guotai Junan and Haitong Securities [2]. Insurance Sector - The report anticipates that the insurance sector will continue to exhibit high elasticity in the short term, driven by improvements in asset-side pressures and a rebound in the stock market [2]. - The average proportion of FVTPL (Fair Value Through Profit or Loss) in the stock allocation of A-share listed insurance companies reached 71.3% by mid-year, which is expected to positively impact valuations [2]. - Short-term recommendations include high-elasticity stocks such as New China Life and China Life, while long-term recommendations focus on companies with valuation switching logic like Ping An, China Pacific Insurance, and China Property & Casualty [2].