金融行业周报：保险预定利率下调长期利好险企降低成本

Investment Rating - The report maintains a "Recommend" rating for the banking, securities, and insurance sectors [3][32][33] Core Views - The insurance sector is expected to benefit long-term from the reduction in floating premium rates, which will lower liability costs for insurers [7][33] - The banking sector remains a core asset for long-term investment, with high dividend yields and stable fundamentals [32] - The securities sector may face pressure on investment performance due to declining capital gains in the bond market, but mergers and acquisitions could boost valuations [32][33] Market Performance Summary - The A-share market saw a significant decline in daily trading volume, dropping 14.43% week-on-week to an average of 11,421 billion yuan [7][19] - The two-finance balance (margin trading and securities lending) decreased by 1.14% to 18,180 billion yuan [7][19] - In December 2024, the stock market raised 452 billion yuan through 32 fundraising events, including 11 IPOs raising 93 billion yuan [7][19] - The public fund scale reached 31.99 trillion yuan by the end of November 2024, a 1.52% increase from October [7][19] Sector Performance - The banking sector rose 0.53% last week, while the non-bank financial, securities, and insurance sectors declined by 2.44%, 2.22%, and 2.76% respectively [15] - Year-to-date, the banking sector fell 2.35%, while non-bank financial, securities, and insurance sectors dropped 9.45%, 10.12%, and 7.90% respectively [15] Key Data Tracking - The 10-year government bond yield fluctuated around 1.60%, rising to 1.63% by the end of the week [19] - The DR007 rate increased to 1.75%, and the overnight Shibor rate rose to 1.64% [19] - The central bank paused open market bond purchases and issued 600 billion yuan in central bank bills to stabilize the offshore exchange rate [31] Industry Dynamics - The central bank and the State Administration of Foreign Exchange raised the macro-prudential adjustment parameter for cross-border financing from 1.5 to 1.75 to optimize the balance sheet structure of enterprises and financial institutions [31] - The China Insurance Association reported a research value of 2.34% for the premium rate of ordinary life insurance products [31] Investment Recommendations - For the banking sector, focus on state-owned banks with stable dividend yields and city commercial banks with improved asset quality [32] - For the securities sector, pay attention to mergers and acquisitions opportunities and policy-driven valuation improvements [33] - For the insurance sector, monitor investment structure changes and asset price increases in listed insurers [33]