非银金融行业周观点：“东升西落”仍在演绎，继续看好3月补涨行情

Investment Rating - The industry rating is "Positive" (maintained) [6] Core Views - The government work report released on March 5 indicates a more proactive fiscal policy and moderately loose monetary policy, which is expected to maintain ample liquidity and promote healthy development in the real estate and stock markets. This positive signal supports the outlook for the brokerage sector, particularly in the context of a rebound, mergers and acquisitions, and high earnings growth [1] - The insurance sector is expected to benefit from ongoing policy catalysts, with long-term investment reforms in insurance funds being actively promoted. The recent approval of an additional 60 billion yuan for investment is anticipated to further solidify the foundation for healthy development in the equity market, leading to a sustained upward trend in the insurance investment sector [2] - In the cryptocurrency market, recent political statements from former President Trump are expected to stabilize market expectations, although short-term volatility is anticipated. The establishment of a strategic Bitcoin reserve by the U.S. government is seen as a long-term positive for Bitcoin's value [3] Summary by Sections Brokerage - The report recommends specific brokerage firms: China Galaxy, CITIC Securities, and GF Securities, while suggesting to pay attention to Dongxing Securities, Western Securities, Dongwu Securities, and Huaxi Securities [4] Insurance - Recommended insurance companies include Xinhua Insurance, China Life, and China Property Insurance [4] Multi-Financial and Fintech - The report suggests investing in Zhinanzhen and Dongfang Caifu, with a focus on Top Point Software and Wealth Trend [4] Overseas Financial - Recommended overseas financial firms include Jiufang Zhitu Holdings, Futu Holdings, and Tiger Brokers, with attention to Lianlian Digital and OSL Group [4] Market Performance - The report notes that from March 3 to March 7, 2025, the Shanghai Composite Index and Shenzhen Component Index rose by 1.56% and 2.19%, respectively, while the multi-financial index increased by 3.68% [13]