非银金融行业周报：预定利率动态调整机制建立，负债成本有望加速优化

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report emphasizes a positive outlook on the non-bank financial sector, particularly in light of recent policy changes and market dynamics that are expected to enhance the stability and growth potential of the sector [4][40][44]. Summary by Sections Index and Sector Performance - The insurance sector (申万) declined by 2.76%, underperforming the CSI 300 index by 1.63 percentage points. The 10-year government bond yield increased by 3.16 basis points to 1.63% [4][40]. - The securities sector (申万) fell by 2.22%, also underperforming the CSI 300 index by 1.09 percentage points, with the sector's price-to-book (PB) ratio decreasing to 1.40 times [4][44]. Key Company Announcements & Industry News - Guotai Junan's merger with Haitong Securities has been approved by the Shanghai Stock Exchange's M&A Review Committee [3][29]. - The China Securities Regulatory Commission (CSRC) held a meeting to discuss capital market reforms, emphasizing the need for improved market stability and investor communication [4][44]. Weekly Insights - The report highlights the establishment of a dynamic adjustment mechanism for predetermined interest rates in the insurance sector, which is expected to optimize liability costs and improve asset-liability management [4][41]. - The report suggests that the recent decline in insurance valuations may present buying opportunities, particularly for companies with stable performance metrics [4][43]. Securities Industry Insights - The CSRC's recent meeting outlined key strategies for capital market reform, including enhancing the supply of capital market products and increasing penalties for severe violations [4][44]. - The report indicates that the current market environment, characterized by supportive regulatory policies, may lead to a rebound in the securities sector, particularly for firms with strong growth potential [4][45][46].