非银金融行业跟踪周报：个人养老金制度全面实施；关注2025开门红

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has underperformed compared to the CSI 300 index in recent trading days, with declines across securities, diversified finance, and insurance sectors [1][17] - The implementation of the personal pension system is expected to enhance the long-term growth potential of the insurance sector [3][35] - The trust industry is entering a stable transformation phase, while the futures market is maintaining high transaction volumes [4][59] Summary by Sections Non-Bank Financial Sector Recent Performance - In the last five trading days (December 9-13, 2024), the securities industry fell by 2.01%, diversified finance by 2.60%, and insurance by 2.66%, with the overall non-bank financial sector down 2.21% compared to a 1.01% drop in the CSI 300 index [1][17] Securities - Trading volume has significantly increased in December 2024, with the average daily trading volume for stock funds reaching 20,028 billion yuan, up 124% year-on-year but down 6.5% month-on-month [2][25] - The margin financing balance reached 1,893.2 billion yuan, a year-on-year increase of 13% and up 19.6% from the beginning of the year [2][25] - The average valuation for the brokerage sector is currently at 1.5x 2024 EP/B, with recommendations for leading firms benefiting from active capital market policies, such as CITIC Securities and Huatai Securities [2][32] Insurance - The personal pension system will be fully implemented nationwide starting December 15, 2024, expanding coverage and optimizing product offerings [3][35] - The insurance sector is expected to benefit from economic recovery, with a focus on health and pension insurance growth [4][40] - The insurance sector's valuation remains low at 0.58-0.91 times 2024 EP/EV, maintaining a "Buy" rating [3][45] Diversified Finance - The trust industry saw its total asset scale reach 27 trillion yuan by the end of Q2 2024, a year-on-year increase of 24.5% [4][48] - The futures market recorded a transaction volume of 678 million contracts in November 2024, with a transaction value of 62.2 trillion yuan, showing a year-on-year increase of 13.3% [4][60] - The trust industry is undergoing a transformation with a focus on wealth management services and standardized asset management capabilities [4][56]