非银行金融行业：个人养老金制度推广至全国，多支柱养老体系更加完善

Investment Rating - The industry investment rating is "Positive" [2][27] Core Viewpoints - The personal pension system will be promoted nationwide starting December 15, 2024, enhancing the multi-pillar pension system in China [9][10] - The implementation of tax incentives for personal pensions will expand from pilot cities to the entire country, which is expected to improve the capital market's wealth management function [9][10] - The personal pension system is anticipated to increase public awareness and acceptance, leading to higher sales of various insurance products [11] Summary by Sections Industry Overview - The non-bank financial industry has a total of 82 stocks with an average market capitalization of approximately 76,393.68 billion yuan, reflecting a 7.73% increase [3][4] - The circulating market value stands at about 60,508.39 billion yuan, with a 7.53% increase [5] - The average price-to-earnings ratio for the industry is 16.05 [6] Future Developments - The personal pension system is a significant step towards developing a multi-layered pension security system, which will facilitate better capital market participation [9][10] - The government will optimize product offerings and expand the asset pool for personal pension products, including public funds and government bonds [10] Investment Recommendations - The current social security structure in China has considerable room for improvement compared to developed countries [11] - The anticipated rise in public interest in personal pensions is expected to benefit brokerage firms and insurance companies, leading to substantial performance growth [11] - Focus should be on leading brokerage and insurance firms with competitive advantages in customer resources and product offerings [11]