非银金融行业投资策略周报：中央经济会议定策以进促稳，个金扩大扩容推动长钱入市

Investment Rating - The industry rating is "Buy" [4] Core Insights - The central economic work conference has set the policy framework for the coming year, emphasizing a more proactive macro policy and deepening capital market reforms to stabilize expectations and boost domestic demand [4][27] - The comprehensive reform of investment and financing is expected to attract long-term capital into the market, with a focus on the insurance sector benefiting from the expansion of personal pension systems and product offerings [4][26] - The report suggests a focus on stocks such as China Pacific Insurance, China Life, China Taiping, Ping An, China Property & Casualty, New China Life, and AIA Group due to their potential for valuation recovery [4][26] Summary by Sections 1. Recent Performance - As of December 13, the Shanghai Composite Index was at 3391.88 points, down 0.36%, while the Shenzhen Component Index was at 10713.07 points, down 0.73% [15] 2. Industry Dynamics and Weekly Commentary (a) Insurance - The personal pension system will be expanded nationwide from December 15, 2024, which is expected to significantly increase the scale of the third pillar of pension insurance [17][18] - The insurance sector is expected to benefit from the growing demand for savings-type products, with life insurance premium growth showing signs of improvement [21][26] (b) Securities - The central economic work conference has highlighted the importance of the capital market, with expectations for IPOs and refinancing to gradually relax, which could enhance market activity [27][28] - The report notes that the merger and acquisition activities among brokerages are gaining momentum, which may attract new capital into the sector [27][29] 3. Key Company Analysis - The report provides a detailed valuation and financial analysis of key companies in the insurance and securities sectors, recommending a "Buy" rating for several major players based on their expected performance and market conditions [7][26]