非银金融行业周观点：市场调整或带来更好的布局机会

Investment Rating - The industry rating is "Positive" (maintained) [6] Core Viewpoints - The report highlights that the recent market adjustments may provide better investment opportunities in the non-bank financial sector, particularly in brokerage and insurance segments [1][2][4] - The report notes a surge in mergers and acquisitions within the brokerage sector, with several firms announcing consolidation plans, which has led to increased market expectations [1] - The insurance sector is experiencing a phase of adjustment, with a notable increase in the allocation of stocks and long-term bonds by insurance companies, indicating a strategic shift to capitalize on market conditions [2] Summary by Sections Brokerage - The report recommends specific brokerage firms including China Galaxy, CITIC Securities, and GF Securities, while suggesting to pay attention to East Asia Securities, Western Securities, Dongwu Securities, and Huaxi Securities [4] - The brokerage sector is expected to benefit from the ongoing M&A activities and a potential rebound in stock prices following the recent market corrections [1] Insurance - The report recommends major insurance companies such as New China Life, China Life, and China Property & Casualty Insurance [4] - The insurance sector's asset allocation has shifted significantly, with stock and bond investments increasing by 28.29% and 26.31% respectively year-on-year, reflecting a proactive approach to market fluctuations [2] Multi-Financial and Fintech - The report suggests investments in firms like Zhinanzhen and Dongfang Caifu, while also recommending attention to Dingdian Software and Wealth Trend [4] Overseas Financial - The report advises focusing on companies such as Futu Holdings, Tiger Brokers, Jiufang Zhitu Holdings, Lianlian Digital, and OSL Group [4] Market Data - The report notes that the equity market experienced a comprehensive pullback, with the CSI 300 and ChiNext indices declining by 2.22% and 4.87% respectively during the week [13][14]