金融行业周报：沪深交易所暂免部分费用，金管局强调合规及数据安全

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [4]. Core Insights - The banking sector is highlighted for its high dividend yield, making it an attractive option for investors seeking fixed-income-like returns. The average dividend yield of the banking sector over the past 12 months is at a historical high relative to the 10-year government bond yield, and the static price-to-book (PB) ratio is only 0.66, suggesting a significant safety margin [2]. - In the non-bank sector, insurance companies are expected to see substantial growth in net profit and new business value (NBV) in the first three quarters of 2024, driven by a declining interest rate environment. The insurance sector is viewed as having long-term investment value due to its high dividend yield and current low valuations [2]. - The securities sector is benefiting from improved market conditions and active trading, with a PB ratio of 1.51x, which is at the 43rd percentile of the past decade. The sector is expected to have significant growth potential as a new round of capital market reforms begins [2]. Summary by Sections Banking Sector - The banking sector is recommended for its high dividend yield and historical premium over risk-free rates. The sector's average dividend yield is at a historical high compared to the 10-year government bond yield, and the static PB ratio is 0.66, indicating a strong safety margin [2]. Non-Bank Sector - Insurance: The insurance sector is projected to experience significant growth in net profit and NBV in 2024, supported by a favorable interest rate environment. The sector's current valuation is low, enhancing its long-term investment appeal [2]. - Securities: The securities sector is experiencing increased market activity and is expected to benefit from ongoing capital market reforms. The current PB ratio of 1.51x suggests room for growth, as the sector is positioned to capitalize on the improving market conditions [2].