Huachuang Securities·2025-03-17 03:12Investment Rating - The report maintains a "Recommended" rating for the non-bank financial sector, indicating a rapid recovery in valuations [2][3]. Core Insights - The report highlights a strong performance in the insurance sector, with specific companies like Ping An and China Pacific showing significant growth potential [10]. - The brokerage sector is experiencing a valuation recovery, with notable increases in stock prices and earnings per share (EPS) forecasts for key players [10]. - The overall market sentiment is improving, with the insurance index outperforming the broader market, suggesting a favorable environment for investment in this sector [6][10]. Summary by Sections Key Company Profit Forecasts, Valuation, and Investment Ratings - China Ping An: EPS forecast for 2024E is 6.91, with a strong buy recommendation [4]. - China Pacific: EPS forecast for 2024E is 4.41, with a recommended rating [4]. - New China Life: EPS forecast for 2024E is 7.87, with a recommended rating [4]. - Guotai Junan: EPS forecast for 2024E is 1.09, with a recommended rating [4]. - CITIC Securities: EPS forecast for 2024E is 1.47, with a recommended rating [4]. - Huatai Securities: EPS forecast for 2024E is 1.73, with a recommended rating [4]. Market Performance - The brokerage index increased by 2.95%, underperforming the broader market by 1.37 percentage points, while the insurance index rose by 4.35%, outperforming the market by 2.76 percentage points [10]. - The average daily trading volume in the market was 16,557.35 billion, showing a slight decrease [10]. - The total market capitalization of the non-bank financial sector reached 52,964.03 billion, with a circulating market value of 39,161.16 billion [5]. Valuation Metrics - The report indicates that the current price-to-earnings (PE) ratio for the brokerage sector is around 1.58x, while the insurance sector stands at 1.38x [33]. - The report also notes that the price-to-book (PB) ratio for key companies in the sector is showing signs of recovery, with Ping An at 1.03x and China Pacific at 1.12x [4][33]. Investment Recommendations - The report recommends focusing on companies such as Ping An, China Pacific, New China Life, and Guotai Junan for potential investment opportunities [3][10]. - It suggests that investors pay attention to the performance of China Reinsurance and other emerging players in the insurance market [10].