金融周报：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 predetermined interest rates, which will lower liability costs for insurance companies [7][33] - The banking sector remains a core asset for long-term investment, with high dividend yields enhancing its attractiveness [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 - The banking sector rose by 0.53% last week, while the non-bank financial sector fell by 2.44%, the securities sector fell by 2.22%, and the insurance sector fell by 2.76% [15] - The CSI 300 index fell by 1.13% last week, with a year-to-date decline of 5.14% [15] Key Data Tracking - Last week, the average daily trading volume of A-shares decreased by 14.43% to 1,142.1 billion yuan [19] - The balance of margin trading and securities lending fell by 1.14% to 1,818 billion yuan [19] - In December 2024, the stock market raised 45.2 billion yuan through 32 fundraising events, including 11 IPOs raising 9.3 billion yuan [19] - The scale of public funds reached 31.99 trillion yuan by the end of November 2024, a month-on-month increase of 1.52% [19] - The yield on 10-year government bonds fluctuated around 1.60%, rising to 1.63% on Friday [19] Industry Dynamics - The People's Bank of China (PBOC) has temporarily suspended open market treasury bond purchases starting January 2025 [31] - The PBOC and the State Administration of Foreign Exchange (SAFE) increased the macro-prudential adjustment parameter for cross-border financing from 1.5 to 1.75 [31] - The PBOC plans to issue 60 billion yuan of central bank bills in Hong Kong on January 15, 2025 [31] - The current predetermined interest rate for ordinary life insurance products is 2.34%, with expectations of further reductions to lower liability costs [31][33] 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 changes in investment structures and asset price increases [33]