非银行业周报（2024年第四十三期）：财险保费收入稳增人身险保费增速承压

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [4][106]. Core Views - The securities sector experienced a decline of 2.14%, underperforming the CSI 300 index by 1.13 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.51, near the 50th percentile of 2020 [3][6]. - The merger and restructuring of Guotai Junan and Haitong Securities marks a significant event in the industry, being the largest A+H market merger in China's capital market history. The combined revenue is projected to reach approximately 60 billion yuan, with net profit exceeding 10 billion yuan, positioning the merged entity as a leading player in the industry [3][6]. - The insurance sector saw a decline of 2.65%, also underperforming the CSI 300 index by 1.65 percentage points. The total original premium income for the five major listed insurance companies reached 2.67 trillion yuan, reflecting a growth of 5.6% year-on-year [7][6]. Summary by Sections Securities - The brokerage sector is expected to see continued mergers and acquisitions, driven by regulatory encouragement and the need for external growth. This trend is anticipated to enhance industry competitiveness and resource allocation [6][3]. - The average daily trading volume in the A-share market increased by 12.08% to 19,329 billion yuan, indicating a rise in market activity [47]. - As of December 13, 2024, the total equity financing scale reached 301.83 billion yuan, with IPOs contributing 61.3 billion yuan [48]. Insurance - The total assets of insurance companies reached 34.13 trillion yuan as of August 2024, with a year-on-year increase of 16.31% [69]. - The original premium income for the insurance industry in October 2024 was 5,077.34 billion yuan, showing a year-on-year growth of 12.41% [76]. - The insurance sector is facing uncertainties primarily due to pressures on the asset side, with future valuation recovery dependent on the performance of the bond, equity, and real estate markets [7][6].