金融行业周报（第五十一周）：分红手续费减半，商业医疗险迎机遇

Investment Rating - The report maintains an "Overweight" rating for the securities and insurance sectors, while also maintaining an "Overweight" rating for the banking sector [22]. Core Insights - The report highlights investment opportunities in the securities, insurance, and banking sectors, with a focus on policy benefits and active trading [3][25]. - The reduction of dividend distribution fees and the optimization of mutual fund rules in Hong Kong are expected to enhance the investment value of listed companies [4][26]. - The report emphasizes the strong interest in savings-type life insurance products under low interest rates, indicating a recovery trend in the insurance sector [4][39]. - The stability of the Loan Prime Rate (LPR) is seen as beneficial for maintaining bank interest margins [42][44]. Summary by Sections Securities - The reduction of dividend distribution fees and the optimization of mutual fund rules are expected to benefit the sector [4][11]. - The average daily trading volume in A-shares remains high at over 15,000 billion, with financing balances around 1.87 trillion [3][12]. - Recommended stocks include undervalued leading companies such as CITIC Securities and Galaxy Securities, as well as brokers with high equity exposure [4][12]. Insurance - The report notes a significant recovery trend in the liabilities of listed insurance companies, suggesting room for valuation recovery [4][39]. - The interest in savings-type life insurance products remains high, with a focus on low-cost, high-quality liability growth [4][39]. - Recommended stocks include leading companies like China Ping An and China Pacific Insurance [4][39]. Banking - The stability of the LPR is expected to protect bank interest margins, with the 1-year LPR at 3.1% and the 5-year LPR at 3.6% [44][67]. - The report suggests that recent policies will support economic stabilization and create structural opportunities in quality banks [4][43]. - Recommended stocks include high-quality dividend-paying stocks such as China Merchants Bank and Chengdu Bank [4][43].