非银行金融行业周报：非银业绩和估值与市场共振，关注强贝塔行情的持续

Investment Rating - The report suggests a positive outlook for the securities sector, anticipating a cross-year market rally driven by favorable policies, liquidity easing, and improving fundamentals [1][2]. Core Insights - The securities sector is expected to benefit from a combination of policy catalysts, liquidity easing, and fundamental improvements, leading to a projected positive growth in earnings for 2024 and double-digit growth in the first half of 2025 [1][2]. - The insurance sector is anticipated to experience a phase of growth driven by strong beta attributes in the asset side, with expectations for a positive growth in new business value (NBV) for the 2025 opening season [2][28]. Market Review - The A-share market saw a decline, with the CSI 300 index down by 1.0% and the non-bank financial sector down by 2.3%, underperforming the CSI 300 by 1.3 percentage points [11]. - Key stocks such as Guolian Securities and First Venture showed notable gains, with increases of 8.7% and 6.5% respectively [11]. Data Tracking - The average daily trading volume for A-shares reached 19,329 billion yuan, up 12.1% week-on-week, while the average daily trading volume for equity funds increased by 15.7% year-on-year [16]. - In the investment banking sector, the total fundraising scale for IPOs and refinancing in the first eleven months of 2024 was 580 billion yuan and 2,172 billion yuan, down 83% and 70% year-on-year respectively [16]. Industry Dynamics - The Central Political Bureau meeting emphasized the need for "appropriate monetary policy easing" and "stabilizing the real estate and stock markets," which is expected to enhance market activity and improve the valuation and profitability of the securities sector [28][66]. - The report highlights that every round of monetary easing since 2010 has led to significant outperformance of the securities sector compared to the broader market [28].