非银金融行业投资策略周报：业绩期临近催化估值修复，关注非银板块左侧配置机遇

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The non-bank financial sector is expected to see valuation recovery driven by upcoming performance periods, presenting left-side allocation opportunities [1][2] - Recent regulatory changes are aimed at optimizing market ecology and enhancing the quality of listed companies, which is expected to boost investor confidence [7][19] Summary by Sections 1. Weekly Performance - As of January 17, 2025, the Shanghai Composite Index rose by 2.31%, the Shenzhen Component Index increased by 3.73%, and the CSI 300 Index gained 2.14% [11] 2. Industry Dynamics and Weekly Commentary (a) Insurance - The insurance sector is expected to experience a phased recovery post-economic bottoming, with strong demand for savings products benefiting the liability side [13][17] - In December, the premium growth rates for major life insurance companies were as follows: Ping An at 7.6%, China Life at 4.7%, New China Life at 2.8%, and China Pacific at 2.4% [13] - The property insurance premium growth slightly narrowed, with China Life Property at 4.3%, Ping An Property at 6.5%, and China Pacific Property at 6.8% [14] (b) Securities - The State Council's new regulations aim to optimize the stock market ecology, with the China Securities Regulatory Commission (CSRC) drafting new rules to regulate the use of raised funds [19][25] - The new regulations prohibit investment banks from charging fees based on the scale of IPO issuance, promoting a more transparent and fair market environment [24][27] 3. Key Company Valuations and Financial Analysis - The report includes detailed financial metrics for key companies in the sector, with recommendations to buy based on projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 and 2025 [8]