非银金融行业周报：消费稳增长，市场有望再度上行-2025-03-18

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [5] Core Viewpoints - The report highlights that the non-bank financial sector is expected to benefit from policy support and market recovery, with a focus on the positive developments in the insurance and securities segments [2][11] Summary by Sections Securities Business Overview - The report notes that the China Securities Regulatory Commission (CSRC) is enhancing support for high-quality unprofitable companies to go public, with a focus on reviving the fifth set of listing standards for the Sci-Tech Innovation Board [10] - Major indices have shown positive performance, with the Shanghai Composite Index up 1.39% and the non-bank financial index up 3.15% during the week [13] - The merger of Guotai Junan and Haitong Securities is expected to reshape the industry landscape, creating a leading investment bank [11] Insurance Business Overview - Insurance capital has become a significant force in public REITs, with 63 public REITs listed and a total issuance scale of approximately 168.4 billion yuan, with insurance accounts participating in allocations totaling 8.372 billion yuan [2][29] - The first insurance private equity fund, Honghu Fund, has successfully invested its initial 50 billion yuan and is set to launch a second phase, indicating a strong trend of insurance capital entering the market [30] - The report emphasizes that REITs provide stable long-term returns, aligning with the investment needs of insurance companies [29] Market Liquidity Tracking - The report indicates that the central bank conducted a net withdrawal of 191.7 billion yuan in the open market, with reverse repos and treasury cash deposits contributing to liquidity management [40] - Short-term funding rates have decreased, with the weighted average interest rate for interbank borrowing at 1.94% [45] Industry News - The report discusses regulatory updates from the Shenzhen and Shanghai Stock Exchanges regarding the handling of companies undergoing restructuring, emphasizing a streamlined process for stock suspension [55] - It also highlights the financial performance of Fangzheng Securities, reporting a net profit of 2.207 billion yuan for 2024, reflecting a year-on-year growth of 2.55% [55]