非银金融行业周报：股市改善驱动保险和券商年报增长，聚焦成长型标的-2025-03-30

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The improvement in the stock market is driving growth in the annual reports of insurance and brokerage firms, with a focus on growth-oriented targets. The insurance sector shows stronger beta elasticity and maintains high-quality growth on the liability side, while the brokerage sector's performance growth is slightly below expectations due to derivative disturbances and reduced public fund commissions. The first quarter of 2025 is expected to benefit from high trading volume, positively impacting the performance of listed insurance companies [6][15]. Summary by Sections Market Review - The CSI 300 index slightly increased by 0.01%, while the non-bank financial sector underperformed, decreasing by 0.10%. Brokerage and insurance sectors changed by -0.51% and +0.63%, respectively. Notable individual stock performances include Guangfa Securities and Jiangsu Jinzu, which increased by 4.9% and 3.3% [20][21]. Data Tracking - The average daily trading volume for stock funds was 1.50 trillion yuan, down 17% week-on-week but up 42% year-on-year. The total number of new stock and mixed funds issued was 27, with a total issuance of 13.6 billion units, down 4% week-on-week but up 149% year-on-year [24]. Industry and Company News - The new securities issuance and underwriting management measures were implemented on March 28, 2025, allowing bank wealth management products and insurance asset management products to be prioritized in IPO allocations. This aims to enhance the participation of long-term funds in the market [37]. Brokerage Sector Insights - As of March 30, 2025, 20 listed brokerages reported a total net profit of 112.5 billion yuan for 2024, a year-on-year increase of 15%, slightly below expectations. The fourth quarter net profit was 30.5 billion yuan, up 8% from the third quarter. Leading brokerages in net profit growth include Guotai Junan (+39%), GF Securities (+38%), and China Galaxy (+27%) [16][7]. Insurance Sector Insights - All listed insurance companies reported annual results, with net profit and new business value (NBV) growth generally meeting expectations. The insurance sector has lowered investment return assumptions, which may impact embedded value (EV) but has seen positive growth in NBV and value adjustments. The China Banking and Insurance Regulatory Commission has launched a plan to support the development of high-quality pension finance [17][8]. Recommended and Beneficiary Stocks - Recommended stocks include Hong Kong Exchanges and Clearing, Zhihui Investment, and Oriental Securities. Beneficiary stocks include Jiufang Zhitu Holdings, China Galaxy, and China Life Insurance [18][9].