非银金融行业周报：中长期资金入市步入落地阶段，利好非银板块

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating a favorable investment rating for the industry [1]. Core Insights - The implementation of the plan to encourage long-term capital inflow into the market is expected to benefit the non-bank financial sector significantly [2][24]. - The report highlights that 28 brokerage firms have disclosed performance forecasts, with 23 showing significant year-on-year improvements, particularly among leading firms [2]. - The report emphasizes the potential for increased market activity and profitability for brokerage firms due to the influx of long-term capital [2][24]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,832.86 with a weekly change of +0.54%, while the non-bank index rose by +2.22% to 1,784.84 [5]. - The brokerage sector saw a weekly increase of +1.87%, and the insurance sector increased by +3.21% [5]. Non-Bank Industry Data - As of January 24, 2025, the 10-year government bond yield was 1.66%, with a slight weekly change of -1.82bps [12]. - The average daily stock trading volume for January 2025 was 12,102.29 billion, reflecting a year-on-year increase of +13.78% [15]. Non-Bank Industry News - The report discusses the joint issuance of a plan by six departments to promote long-term capital market entry, which includes specific quantitative targets for public funds and insurance capital [2][24]. - The insurance sector is expected to play a crucial role in the long-term capital inflow, with a target for state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025 [2][24]. Individual Stock Highlights - Notable performance in the insurance sector includes China Life, which anticipates a net profit increase of 100% to 120% for 2024 [30]. - China Pacific Insurance is also expected to report significant profit growth, with estimates indicating a rise of 175% to 195% for 2024 [33].