非银金融行业跟踪周报：偿二代过渡期延长，利好保险业稳健经营

Investment Rating - The report maintains an "Overweight" rating for the insurance sector and recommends a "Buy" for key companies such as China Pacific Insurance and China Life Insurance [18][53]. Core Insights - The non-bank financial sector has underperformed compared to the CSI 300 index in the recent trading period, with the securities, insurance, and diversified financial sectors declining by 1.36%, 2.27%, and 2.59% respectively, while the overall non-bank financial sector fell by 1.65% [9][10]. - The securities industry has seen a significant increase in trading volume, with December's average stock fund trading volume reaching 1.8972 trillion yuan, up 113% year-on-year [12][15]. - The insurance sector benefits from an extended transition period for solvency regulations, which is expected to enhance the stability of insurance companies [36][37]. - The diversified financial sector is undergoing regulatory changes aimed at improving service quality and risk management, particularly in consumer finance and trust industries [38][40]. Summary by Sections Securities - Trading volume has significantly increased, with a December average trading amount of 1.8972 trillion yuan, marking a 113% increase year-on-year [12]. - The China Securities Regulatory Commission has released new regulations for mutual fund recognition with Hong Kong, allowing for a higher sales ratio and easing investment management restrictions [33]. - The average valuation for the securities industry is currently at 1.5x 2024 EP/B, with recommendations for leading firms like CITIC Securities and Huatai Securities [12][15]. Insurance - The transition period for solvency regulations has been extended to the end of 2025, which is expected to positively impact the insurance sector's stability [36][37]. - The insurance sector's valuation remains low, between 0.55-0.89 times 2024 EP/EV, indicating potential for growth as the economy recovers [10][36]. - The report highlights a positive outlook for health and pension insurance products as the economy improves [36][37]. Diversified Financial - The regulatory framework for consumer finance companies has been revised to enhance classification and oversight, which is expected to improve service quality [38]. - The trust industry has seen a significant increase in asset scale, reaching 27 trillion yuan, but overall profits have declined by 40.6% year-on-year [40][45]. - The futures market has maintained high transaction volumes, with November's trading volume at 678 million contracts, despite a 14.3% decline in volume year-on-year [48][49].