非银金融行业跟踪分析：推动中长期资金入市，增强市场内生稳定性

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The report emphasizes the importance of promoting long-term capital into the market to enhance the intrinsic stability of the market [7] - The growth in insurance premium income is driving an increase in the balance of funds utilized, with a year-on-year increase of 14% reaching 32.2 trillion yuan [7] - The report identifies three main bottlenecks for long-term capital entering the market, including short performance assessment cycles, the need for a more attractive investment ecosystem, and regulatory pressures on insurance companies [7] - The introduction of policies aimed at enhancing market stability is expected to improve investor confidence and resource allocation [7] - The report suggests that as external uncertainties and internal responses gradually materialize, market activity is likely to rebound [7] Summary by Sections Policy and Market Dynamics - On January 22, 2025, a joint implementation plan was issued by several financial regulatory bodies to encourage long-term capital market participation [7] - The report notes that insurance funds are currently a significant source of stable incremental capital in the equity market [7] Financial Performance and Projections - The report highlights that the insurance sector's asset allocation is under pressure due to a low interest rate environment, with a current equity allocation ratio of 20.4% [7] - The solvency adequacy ratio for the insurance industry stands at 197.4%, indicating room for increased equity investment [7] Investment Recommendations - The report recommends focusing on the non-bank financial sector for potential investment opportunities, particularly as policies are expected to stabilize the capital market [7] - The report also suggests that the market's active participation is anticipated to increase as new capital flows in [7]