非银金融行业周报：中长期资金入市工作持续推进，成效初显

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry [1] Core Insights - The report highlights the ongoing efforts to promote the entry of long-term funds into the market, with initial positive results observed [1] - The insurance sector is expected to benefit from policies aimed at increasing equity allocation and enhancing the development of third-pillar pension insurance [2] - The brokerage sector is anticipated to see improvements in market liquidity and trading activity due to regulatory support for long-term capital [2] Summary by Sections Market Review - The Shanghai Composite Index closed at 3,944.01 with a weekly change of +1.4%, while the non-bank index closed at 1,793.64 with a change of +1.2% [5] - The brokerage, insurance, and diversified financial sectors reported changes of +0.7%, +1.7%, and +3.7% respectively [5] Non-Bank Industry Data - As of March 7, 2025, the 10-year government bond yield was 1.80%, reflecting a weekly increase of +10.47 basis points [12] - The average daily trading volume in the stock market was 17,011.80 billion, with a year-to-date increase of +45.24% compared to the previous year [14] Non-Bank Industry News - The central bank plans to lower reserve requirements and interest rates as needed, while also introducing a "Technology Board" in the bond market to support tech innovation [15] - The China Securities Regulatory Commission is accelerating capital market reforms to facilitate the entry of long-term funds [15] Individual Stock Highlights - In the insurance sector, notable A-share performances included China Ping An (+2.2%) and China Life (-0.3%) [7] - In the brokerage sector, Guotai Junan led with a +5.9% increase, while Guosen Securities saw a decline of -5.1% [7] Investment Recommendations - For insurance, short-term recommendations include New China Life, China Life, and AIA; long-term recommendations include China Pacific Insurance and Ping An [2] - For brokerages, focus on firms benefiting from supply-side reforms and those involved in mergers and acquisitions [2]