非银金融行业周报：险企监管评级新规落地，开启分级分类监管新序章

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, particularly highlighting the insurance sector and brokerage firms [1]. Core Insights - The new regulatory framework for insurance company ratings has been implemented, marking the beginning of a tiered regulatory approach. This includes a focus on risk management and the categorization of companies into levels based on their risk profiles [1][18]. - The insurance sector's performance is expected to improve due to multiple policy supports for high-rated companies, including diversified investment strategies and product innovations [1][18]. - The brokerage sector has shown strong performance in Q4 2024, with significant year-on-year profit growth reported by major firms, driven by favorable market conditions [3][30]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.1% during the week of January 13-17, 2025, while the non-bank index increased by 3.3%. The brokerage, insurance, and diversified financial sectors reported gains of 4.0%, 1.5%, and 5.1%, respectively [6]. Non-Bank Industry Insights - The report highlights the implementation of the "Insurance Company Regulatory Rating Measures," which categorizes companies into levels 1-5 and S, with higher numbers indicating greater risk [1][18]. - The report notes that as of January 17, 2025, the 10-year government bond yield was 1.66%, with slight fluctuations observed in the bond market [11]. Individual Company Highlights - Major insurance companies such as New China Life and China Life reported stock price increases of 5.2% and 3.7%, respectively, in the A-share market [8]. - In the brokerage sector, firms like Guosen Securities and Dongbei Securities reported significant stock price increases of 14.9% and 8.9%, respectively [8]. Regulatory Developments - The State Council has introduced new regulations to standardize the services provided by intermediary institutions for public stock offerings, aiming to enhance fairness in capital market financing [3][23]. - The China Securities Regulatory Commission (CSRC) has proposed new rules for the management of raised funds by listed companies, emphasizing the need for dedicated use of funds for core business activities [3][21].