非银金融行业跟踪周报：长债利率上行，关注保险股投资机会-2025-03-03

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector has shown varied performance, with the insurance sector outperforming the CSI 300 index recently. The insurance industry declined by 2.15%, while the overall non-bank financial sector fell by 2.82% [6][9] - The report highlights significant increases in trading volumes in the securities sector, with a daily average trading amount of 20,375 billion yuan in February 2025, marking an 88.28% year-on-year increase [14] - The insurance sector is expected to benefit from economic recovery and rising interest rates, with valuations currently at historical lows [24] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (February 24-28, 2025), only the insurance sector outperformed the CSI 300 index, while the overall non-bank financial sector saw a decline of 2.82% [9] - Year-to-date performance shows the multi-financial sector down by 3.69%, securities down by 5.20%, and insurance down by 5.61% [10] 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volumes have significantly increased, with a daily average trading amount of 20,375 billion yuan in February 2025, an increase of 88.28% year-on-year [14] - The securities sector is expected to benefit from favorable market conditions and policy support, with leading firms recommended for investment [19][20] 2.2 Insurance - The regulatory framework is pushing for the development of green finance, with insurance companies encouraged to innovate in green insurance products [22][23] - The insurance sector is experiencing a positive trend with new policy premiums growing, and the sector's valuation is currently at 0.52-0.82 times the 2024E P/EV, indicating a buying opportunity [24] 2.3 Multi-Financial - The trust industry is entering a stable transition phase, with a significant drop in profits reported for the first half of 2024 [27] - The futures market showed a slight increase in trading volume and value, with a total trading volume of 5.53 billion contracts in January 2025, reflecting a 10.9% year-on-year increase [32] 3. Industry Ranking and Key Company Recommendations - The report ranks the sectors as follows: Insurance > Securities > Other Multi-Financial [37] - Key companies recommended for investment include Xinhua Insurance, China Life, CITIC Securities, and Huatai Securities, with the non-bank financial sector showing a low average valuation and safety margin [37]