投资银行业与经纪业行业每周一话：市场持续回暖叠加政策发力，看好非银板块景气度上行

Investment Rating - The report maintains a "Positive" investment rating for the non-bank sector, indicating an optimistic outlook for the industry [9]. Core Insights - The report highlights that the market is experiencing a recovery, supported by policy initiatives, which is expected to enhance the performance of the non-bank sector. Specifically, the insurance sector is anticipated to benefit from the expansion of personal pension schemes, while the brokerage sector is expected to see improvements due to reforms in capital market financing [5][6]. Summary by Sections Market Performance - As of December 13, the CSI 300 index has decreased by 1.0%, with the non-bank sector also experiencing a decline, particularly the securities and insurance sectors, which fell by 2.2% and 2.7% respectively [24]. Insurance Sector Analysis - The insurance industry reported a total premium income of 50,773 billion yuan in October 2024, reflecting a year-on-year growth of 12.41%, although the growth rate has slowed. Life insurance premiums accounted for 36,441 billion yuan, growing by 14.81% year-on-year [27][33]. - The report notes that the asset allocation within the insurance sector is stable, with a total asset scale of 35.02 trillion yuan as of October 2024, showing a slight increase [28][32]. Brokerage Sector Analysis - The average daily trading volume in the two markets reached 19,329.44 billion yuan, a week-on-week increase of 12.08%. The report indicates that the brokerage business is gradually recovering, with a focus on improving profitability in a stabilizing commission rate environment [44][45]. - Margin trading balances have also increased by 1.47% week-on-week, indicating a positive trend in trading activities [50]. Policy Impact - The report emphasizes the importance of recent policy measures, including the central economic work conference's focus on stabilizing the stock market and enhancing the inclusiveness and adaptability of capital market systems [5][7]. Key Recommendations - The report recommends focusing on leading companies in the brokerage sector, such as China Galaxy, Huatai Securities, and CITIC Securities, which are expected to benefit from increased market concentration and improved risk control indicators [5][6].