非银金融行业投资策略周报：“偿二代”二期延期引导长钱入市，市值管理优化投资价值

Investment Rating - The industry rating is "Buy" [3] Core Insights - The report highlights that the extension of the transition period for the "Second Generation Solvency" (偿二代) will alleviate the solvency pressure on some insurance companies and further guide long-term capital into the market [17][20] - The report emphasizes the restructuring of state-owned enterprise stock values due to new regulations from the State-owned Assets Supervision and Administration Commission (SASAC) and the China Securities Regulatory Commission (CSRC), which will broaden cross-border investment financing [23][28] - The report suggests that the current market activity remains stable, with M&A events attracting new capital attention, indicating potential for valuation recovery in the industry [20][23] Summary by Sections 1. Industry Performance - As of December 13, the Shanghai Composite Index reported a decline of 0.70%, while the Shenzhen Component Index fell by 0.62% [15] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.5 trillion yuan, a decrease of 21% week-on-week [3] 2. Insurance Sector Insights - The extension of the transition period for solvency rules until the end of 2025 is expected to ease the solvency pressure on insurance companies, allowing for a smoother transition to new regulations [17][18] - The report notes that the insurance sector is benefiting from strong demand for savings products, which is expected to support sales performance [17][20] 3. Securities Sector Insights - The acquisition of Minsheng Securities by Guolian Securities has been approved, which is expected to enhance scale and promote synergy in comprehensive financial services [23][24] - The new market value management guidelines issued by SASAC aim to improve the investment value of state-owned enterprises and enhance investor relations [28][31] 4. Regulatory Changes - The CSRC has revised the Hong Kong Mutual Recognition Fund Management Regulations, increasing the sales ratio from 50% to 80%, which is anticipated to expand the investment space for mainland investors [36][38] - The new regulations are expected to facilitate deeper integration and collaborative development between mainland and Hong Kong financial markets [36][38]